If you fake injuries, or fall in the penalty area, you might get a yellow / red card. So no cheaties here, especially with VAR now in place.
If you say you would give the red card, what if it wasn't an obvious faking of an injury? The problem clearly is that you can't give a slap on the wrist penalty, it's all or nothing.
Nowadays, thanks to VAR, the controversial cases can be reviewed on the replay and referees have ample of time to make the call.