Our research indicates that as much as 30% of paid search traffic may be fraudulent.This site requires free registration to view the material.
One of their experiments was to place an ad on a contrived phrase (click fraud spelt backwards) and they clicked the AdWord repeatedly. Their findings agree with mine that clicking one ad repeatedly will either not register at all in Google, or at worst you will be charged for only one click.
Clicks made from a sophisticated adversary are a totally different matter.
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