After doing a thorough search, I managed to find seven different ways to cloak affiliate links. By link cloaking ( AKA link masking ), I am referring to disguising one's affiliate link with a different link that does not look like an affiliate link.

I tested each link cloaking method using the latest version of the two major browsers, Internet Explorer 9 and Firefox 5. All methods showed the cloaked link in the calling website's status bar. But 5 of the methods tested gave the game away by displaying the bald affiliate link in the address bar of the destination website. This, of course, allows unscrupulous people to stop there, and change your affiliate info to their own, thus effectively stealing your commission.

How each of these methods works is not the topic of this article. One thing that I do need to mention, however, is that all but 3 of the techniques require you to create a new file - call it 'myfile.htm', to use as a link to which to send people, instead of directly to the affiliate site.
Full report @ http://www.oracleblogger.com/2012/04/how-to-cloak-affiliate-links.html