They'll be on top of the board and that entails being basically stalked as people try to find where you pk/bk. If they can't find you at a tower or at a mob you'll be reported. They would not be able to cheat either way, not for the top.
And the only real cheating you could do is boosting. Unless there is a fundamental flaw with the leaderboards code(which there is no proof of as of now.) or with the pk or bk system(which there is also no proof of as of now.) making it impossible to do any kind of cheating outside of boosting, which you'll be caught for if you are attempting to get into the top 3.
Don't use that as an excuse to say "just give that gralats and a trophy" because either A: you don't have the time to compete. Or B: you don't enjoy it enough to compete. Im not saying that towards anyone in particular, more just as a blanket statement. I won't be competing either, I don't have the time.
Feel free to give me reasons on why it isn't that way, I don't mind being wrong.
(Also if the staff can't keep up with the demand for hats or whatever season prize they are planning, then i could understand.)
Edit: I also understand the argument of "people shouldn't need a reward" which comyt posted above, but now that they have advertised there being a prize they can't do that now.