How exactly are you determining that click fraud is occurring? Are you talking about clicks reported by Facebook versus actual clicks in your tracking system? Our campaign performance has dropped off a cliff in the last 45-60 days.
1. If targeting Canada, get ~ 20% clicks from Japan, Turkey, Spain, etc...
2. In addition to the unwanted geo locations, another 20% of clicks FB is charging and recording in their ad manager never hit my server.
I believe FB used to geo target ads based on your ip, but now they display ads based on your location in your profile, current ip location, and previous ip locations. That sucks a lot, but what sucks more is being charged for a significant amount of clicks that never actually occur. Also, I'm not talking about what Prosper202 records... I'm looking at server logs.
This was pretty bad in the past, but as ayzo pointed out, was resolved shortly after Tech Cruch made that post (if i remember correctly).