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Kevin OAlthough it's discouraging to know that there are so many fakes and alterations, you have to familiarize yourself with their marks unless you like to throw your money into the street. I did not buy a single vintage card until I had been researching them for more than a year--and I still managed to get ripped off twice (as far as I know). I would spot both cards today, but in many ways those purchases were the most important ones I've made. There are enough reputable dealers and traders who will guarantee their cards so that you can still have peace of mind at market prices or better. There are also plenty of dealers who will not be hostile if you return a card because you believe it's been overgraded or altered. Such folks do well because they know that in the long run we're going to keep coming back to them. The deal that seems too good to be true almost always is.
I rarely buy professionally graded material because I like to touch and smell the actual cards (although I do have some slabbed cards). If you plan to go this route, it's important to examine the card live. Buy a portable microscope and a blacklight and learn how to use them. As long as you treat another person's cards with extreme care, the person will usually let you scrutinize them (the cards that is). It also helps to buy something from time to time. If the person's a jerk when you try to buy a card, just think what that person will be like when you try to return it. Feel free to ask others what their own experiences have been with a particular dealer.
In the end, Leon's advice is best. Kurt Vonnegut once asked Jackson Pollock how to tell a good painting from a bad painting. Pollock's reply: "Look at a million painings." After you see a million cards, you'll know.