I see, but the bank accepted the hand waving, once said that clearly there is some form of fraud committed, it seems to me that JP Morgan was gullible enough to

I see, but the bank accepted the hand waving, once said that clearly there is some form of fraud committed, it seems to me that JP Morgan was gullible enough to fall for it. I have no idea on how such a business deal is agreed upon specifically, but if - as it seems to me reading the article - JP Morgan essentially wanted to buy users (in a given niche) it seems weird that they didn't find a way to check that these users existed.