Perhaps the tool is malfunctioning for you on this term, but perhaps it’s one or more of the following:
- The exact match was not selected before submitting your keyword.
- The data has been corrupted by other webmasters’ frequent rank checking
- An automated search query tool has inflated the number of searches
- Your #2 position is based upon personalized search results and no one else sees your page listed on the first page of the SERP.
- Your page title or meta description is relatively unappealing as compared to another listing on the SERP.
- The term is almost always searched to find a specific website besides your own.
- The term is too ambiguous and results in frequent refined keyword queries, hence a very low CTR.
All of which might explain your issue, without the tool returning inaccurate data. Have you done anything to rule out these other possibilities? Or have you jumped straight to the conclusion that the tool is inaccurate?