In a heartbreaking reminder of the dangers of online investment scams, an 80-year-old Sydney resident has lost a significant portion of her savings after depositing money into what she believed was a legitimate Saxo Trading Online account.
The scam, which appeared professional and convincing, has left her financially devastated and emotionally shaken.
How the Scam Began
The woman, who wishes to remain anonymous, was first contacted by a man claiming to be an investment advisor from Saxo Trading. He reached out by phone, stating that her details had been obtained through a “retirement investment seminar list” she had attended years ago.
He spoke politely, appeared knowledgeable about financial markets, and reassured her that Saxo Trading was a regulated global trading platform.
She was told that with a small initial deposit, she could start earning returns of up to 20% within weeks.
The Deposit and Disappearance
Feeling confident after multiple phone calls and follow-up emails with professional-looking logos, she decided to deposit $15,000 — a large part of her retirement savings — into the account they provided.
Within days, she could see her online account showing positive growth. The figures looked impressive, and she was told she could withdraw at any time.
However, when she tried to withdraw a small test amount, the problems began. She was informed she needed to pay a “release fee” and additional “tax clearance charges” before funds could be transferred.
After sending a further $3,000 to cover these so-called fees, the account went offline, her contact stopped answering calls, and the website disappeared.
How the Scam Was Structured
The fraudsters used a fake version of the Saxo Trading website with a nearly identical design to the legitimate platform. The domain name had a subtle spelling difference, making it difficult for the victim to notice.
Emails came from addresses that looked official but used free webmail providers when checked closely.
They also created a fake trading dashboard to show rising profits, building trust and encouraging further deposits.
The Emotional and Financial Impact
Losing $18,000 has been devastating for the woman, who lives on a fixed pension. She describes the experience as humiliating and emotionally exhausting.
“I thought I was being careful,” she said. “They sounded so professional. I never imagined they could just disappear like that.”
Her family has stepped in to help with bills, but she fears she will never recover the money.
Expert Warnings
According to Scamwatch, investment scams are among the most financially damaging in Australia, with millions lost each year.
Elderly Australians are particularly vulnerable, as scammers often target people who may have limited digital literacy but significant savings.
Financial crime experts stress that legitimate investment platforms will never:
- Pressure you to deposit quickly
- Ask for extra fees to release your funds
- Communicate only via personal email addresses or encrypted apps
How to Protect Yourself from Similar Scams
Always verify the trading platform’s URL directly from the company’s official site
Check if the company is listed on ASIC’s register of financial services providers
Be wary of unsolicited calls offering investment opportunities
Never send additional “release” or “tax” fees to withdraw your own funds
The Ongoing Investigation
The woman has reported the incident to the Australian Cyber Security Centre, NSW Police, and Scamwatch. Authorities are investigating, but the likelihood of recovering the funds is low, as the scammers appear to be operating overseas.
Cybercrime units urge anyone who has been approached by supposed Saxo Trading representatives to double-check the legitimacy of the offer before sending any money.