There are
some scenarios that you can effectively do that.
Scenario A:
You know some information about your competition. Then you use that information to present fake content to them.
Scenario B:
Your desired traffic has some unique characteristic that your competitors don't fit in. For example, your traffic comes from ADS. Then you present the real content to the legitimate traffic and then a fake content version to everyone else.
Scenario A & B are both sides of the same coin. You need some information that separates bad actors from leads.
So how do you practically do this?
You use a cloaker. Effectively you want to segment GOOD traffic from BAD traffic, and that's exactly what cloaking is about. As long as you fall into one of those scenarios above, it's fine.
If your content is on WordPress, you can use
StealthCloaker from the Marketplace. It has a WordPress plugin. You setup the GOOD/BAD rules on the web app, then connect the WP plugin to it & that's it, you're done (well, you also pay the monthly bill for it

) . If your content is not on WordPress, they have an API but then you'll have to get a programmer to integrate it to your site.