As indicated, a waterfall without a liner will leak.
Maybe you could get away with having the water deposited lower on the waterfall. Not having it spill all the way from the top. Maybe have your pipe or hose only a foot or two higher than the pond level. If that works, without loss of water, then make it permanent. You can add plants to the upper (unused) part to hide it.
There's also a product called rock on a roll. It's liner material with a rock pattern on it. You could lay that right on top of the whole waterfall. I have never used it and don't know how realistic it would look, but I think it would fit your situation perfectly.
Awesome!!!