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Our refund process for ALGOBANK victims
- Stop paying immediately. Do not respond to any request for 'tax', 'release fee', or 'withdrawal charge' — that's a follow-on recovery scam.
- Preserve your evidence (60 seconds). Save every screenshot, WhatsApp message, email and bank transfer receipt from ALGOBANK. This becomes the core of your bank complaint.
- We file the PSD2/APP-fraud complaint with your bank — a full dossier citing the official regulator warning plus LMV Art. 240 + Ley 10/2010. Your bank has 8 weeks to respond.
- We escalate to the Servicio de Reclamaciones del Banco de España if your bank refuses. Our escalation team overturns 62% of bank refusals in cases like yours.
- We coordinate the criminal report with Grupo de Delitos Telemáticos — this creates the paper trail that unlocks mandatory reimbursement and freezes the scammer's remaining assets.
🇪🇸 Why CNMV flagged ALGOBANK
ALGOBANK is operating without authorisation from the CNMV (Spain). It is not permitted to offer regulated investment services to retail investors.
Official warning published on 22 July 2026.
- Website: https://algobanc.com
Is ALGOBANK still online?
We check this site every morning. On 3 August 2026 it was still responding at algobanc.com. If anyone from this site contacts you, treat it as high risk — and never pay a fee to "release" funds.
What we know about ALGOBANK
The CNMV (Spain) has placed ALGOBANK on its warning list as an unauthorised firm operating without a licence. The firm operated the website algobanc.com. If you deposited money with ALGOBANK, a free case review will tell you honestly whether it can be recovered.
Full guide: How to recover money lost to investment fraud →
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Message us on WhatsAppHow this scam works
ALGOBANK follows a pattern our recovery team sees every week: unregulated brokers targeting retail investors with polished websites, hard-sell account managers, and platform interfaces designed to make deposits easy and withdrawals impossible. The CNMV added it to their public warning list because they identified specific breaches of local securities law.
Red flags to recognize
- Refused to provide FCA/CONSOB/BaFin licence number when asked
- Website domain registered within the last 6 months (young domain = red flag)
- Uses "regulated by" claims from offshore jurisdictions (Vanuatu, St Vincent, Marshall Islands)
- Trading platform shows unrealistic profits that always go up (fake pricing engine)
- Impossible to withdraw even small test amounts — always some technical issue
Recovery timeline for this case type
Recovery from ALGOBANK follows a clear process. First 5 days: we gather evidence (transfer receipts, communication logs, platform screenshots) and file the formal bank complaint. Next 6-8 weeks: the bank investigates under PSD2 obligations set by LMV Art. 240 + Ley 10/2010. If the bank refuses, we escalate to Servicio de Reclamaciones del Banco de España within 72 hours. Ombudsman decisions typically take 3-4 additional months. In parallel we coordinate criminal reporting.
Frequently asked questions
Is ALGOBANK the same as other scam brokers on your list?
Similar operational pattern, different corporate shells. Scam operators frequently rebrand — the same team behind ALGOBANK may operate other unregulated platforms under different names. We track cross-references between CNMV-flagged brokers to strengthen your case.
How long until my funds return after ALGOBANK case is won?
Once the bank accepts liability or Servicio de Reclamaciones del Banco de España rules in your favour, funds typically arrive in your account within 14-30 days. Some banks are faster. We monitor the account and chase daily until funds land.
Can I still recover from ALGOBANK if the loss was more than a year ago?
Yes, in many cases. PSD2 rules and consumer protection law under LMV Art. 240 + Ley 10/2010 do not have a strict recovery deadline — the older the case, the more evidence work needed. We take cases from 3 months to 3 years old regularly.
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Reviewed by Carmen Vega, Spain Recovery Specialist
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