Investor Warning – Estonian broker scams AGKapital and AlgofGain and their facilitating payment processors

AlgofGain and AGKapital scams with their payment facilitators
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Currently, the two related broker scams AGKapital (www.agkapital.com) and AlgofGain (www.algofgain.com), are being promoted via various fraudulent marketing campaigns. What is special about these two scams is that they both work with the BoxiPay Cashier (operated by PayBox) and the same list of payment processors. Among them the usual suspects like iPayTotal, NeoBanQ, or PayCent but also others like the Turkish RHG Partners, Bitngo, or ikajo. The scams claim on their websites that they fall under Estonian jurisdiction. Many of their payment processors certainly do too!

The list of scam-facilitating payment processors from the two scams reads like a who’s who of high-risk payment processors. Specifically, we found the following payment processors behind AGKapital and AlgofGain. We have only listed those that were still active at the time of our review:

The payment processor Certus Finance lists AlgofGain as a merchant in both scams. We have not found any legal entity listed as the operator of the scams. However, Estonia is given as the responsible jurisdiction. Given the many Estonian companies involved, there seems to be a strong connection to Estonia.

Some of the payment processors listed, such as BitOfHeaven, operate without deep integration. As a result, the victims of the scams have to register there and go through the “normal” onboarding procedure. However, others like Payneteasy or PaymentsPro have deep integration into the scams’ BoxiPay Cashier, i.e., a merchant agreement is in place.

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