Head of AdSense Kim Malone has revealed (at Arbitrage Issues in San Jose) that Google AdSense is using AdWords conversion data to identify arbitragers.
Kim was asked about the steps being taken to prevent MFA websites after being shown an example of how an AdWords ad led to an MFA site where 5 or 6 clicks were needed in order to get to a real content webpage. She explained that by keeping a track of the amount of sales converted from AdWords they can get a better idea about the goals of the advertising campaign. MFA websites will be unlikely to use conversion tracking and if they do it will be with low conversion rates as the sole purpose will be getting adverts clicks.
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