As with most things, if you are competent, a degree doesn't really matter. The degree is just a shortcut, and even if it's checked it's no guarantee you are otherwise competent. You're expected to have picked up competency during the time you got your degree.
So this probably works if you are otherwise competent, but if you're not it's just going to lead to increased scrutiny (Because hey, you should know these things) and if someone does end up checking up on you it's a great way to get fired with cause. Depending on how tight knit your industry is that can still make things very hard for you.
And of course, once this becomes frequent enough, you'd be surprised how quickly checking will become the norm again.