Good olive oil can taste hundreds of ways, just like wine -- there are even olive oil tastings. The flavor can't be counterfeited at all, so it doesn't really matter what's on the label, what country it comes from, etc. -- olive oil is all so different, it can really only be bought by taste alone. You might have 5 different olive oils in your cupboard depending on what you're using them for, but you didn't buy any of them based on their label!
There's plenty of olive oil labeled extra-virgin that tastes like nothing. Is it really extra-virgin? Maybe it is, maybe it isn't, it doesn't matter, the only thing that matters is that it doesn't taste like anything. If you're looking for an oil that doesn't have any taste (which there are many uses for), and it's cheap, go ahead and buy it. (I buy super-cheap "extra-light" olive oil for frying, it tastes like nothing, maybe it's cut with soybean oil, but cooking-wise it wouldn't even matter.)
In the end, "extra-virgin" is a label that doesn't really tell you anything, there are so many other factors involved. The only people being "duped" are the people who can't tell anyways.
(I mean, obviously I don't condone counterfeit oil, I'm just saying that as far as counterfeit things go, counterfeit EVOO is probably the least problematic thing ever.)