Has anything like this ever happened before?
Cantsay already mentioned, there was a similar case involving a member named nhaila last year:
Case 003: Signature Cheater.
Details:
nhaila is guilty of swapping between two signature campaigns and recieving reward weekly with the same posts. The two projects involved are;
What are the chances it is already happening but has gone unnoticed by the majority of members here?
It might slip under the radar for a week or two (unless the manager catches on earlier), but I highly doubt it can remain unnoticed for an extended period. The forum has a vigilant community with many observant members.

The cheater in this case benefited from the fact that the spreadsheet for a particular campaign was kept hidden from the public.