There is no doubt that hacking does take place, when you have websites giving away free speed hacks and bots it will be inevitable. I think Bioware are aware and do patch to stop them, but all that happens is the hacks are re-released post patch.
As has been stated elsewhere in this thread, the only way to stop the minority of players who use hacks is to report them whenever you see them and eventually they will be removed from the game. It probably will never be stamped out completely but it can be greatly reduced, so help Bioware to help you by reporting them.