This is a pretty serious crime, so I probably wouldn't go experimenting on your own. Realistically the worst thing that is likely to happen is you'll get a lot of affiliate accounts closed without payment, but keep in mind that if the FA goes and decides to have a crackdown, all they have to do is give an affiliate program your URL and subpoena your information. If you live in the USA or UK that's always a possibility.
If you still want to take the risk, look at what your competitors are using. Chances are you'll see a lot of second or third tier networks that don't pay very well, but people use them because they look the other way. Better than not being paid at all.