All NBA teams and many of the better-coached college teams foul IF they can foul in the final 1-4 seconds with no risk of a 3-shot foul. It has been proven by many analyses that the teams that don't foul in these situations are making a major mistake. The reason appears to be the the coaches are so afraid of the 1% of the time when it may not work that they accept the other team making a tying shot 25% of the time.
I think the fact that it is normal practice in the NBA - where there are far more analytics and much more advanced thinking - speaks to the necessity of fouling that late in the game up three.