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I'd be curious to know if the following procedure would hurt or help your business more (as a program operator):
What if you were to require current ID to be uploaded or faxed and/OR maybe just a phone call to an automated authentication system in order to approve someone for your program?
On one hand you'll probably lose a lot of webmasters (unless this was an industry wide standard), on the other you'll probably have a VERY LOW amount of fraud from webmasters.
Either way... just like with everything else, if you are not proactive in regulating things on your own, eventually they'll come and regulate things for you - on their terms.
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