‘What else can I do?’: She lost $2.6 m in a scam—now her bank wants more
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Disclaimer: This article discusses a sensitive topic, including mention of suicide. If you or someone you know is struggling, please reach out to Lifeline at 13 11 14.
Falling victim to financial deception can be devastating, especially when the safeguards meant to protect consumers fail.
What started as a promising investment quickly spiralled into a nightmare, leaving one woman not only out of pocket but fighting to keep her future intact.
What happened next has sparked serious questions about accountability in the banking system.
A Sydney accountant who lost $2.6 million to scammers now faces the prospect of losing her home, her career, and her financial future.
Sylvia Chou, then 52, was deceived by an elaborate currency trading scam that drained her personal savings, forced her to borrow from loved ones, and led her to refinance her properties.
Six years later, the nightmare continues—her bank has taken legal action to foreclose on her home.
National Australia Bank (NAB) is suing her for $1.4 million plus interest due to a discrepancy linked to her refinancing.
She is now backing People Before Profit campaign, urging the federal government to mandate bank compensation for scam victims, as is the case in the UK.
Since October last year, UK legislation has required banks to compensate scam victims within five business days unless gross negligence is proven.
If Ms Chou loses her case, she will not only lose her home but also be forced into bankruptcy, meaning she can no longer work as an accountant.
‘Bankruptcy means no future for me because I can’t be a tax agent anymore, I can’t be a qualified accountant anymore,’ she shared. ‘What else can I do?’
The scam began in 2019 when she came across an advertisement on social media claiming to be endorsed by Shark Tank and promising a way to grow her investment portfolio.
It led her to a foreign currency trading platform called BlueLexus.
Having successfully traded before, she saw no red flags and found no negative reviews, with the company appearing to be registered in the US.
‘I did my homework. I checked it,’ she said.
‘It was very professional.’
The scammers required 100 points of ID and a current utility bill to verify her identity before opening an account, which made the platform seem legitimate.
She transferred all $2.6 million to a BPAY account linked to the scheme.
Believing she was investing in foreign currency trading, she initially deposited $250, then added another $10,000 as her balance appeared to grow.
Encouraged by apparent gains, she continued investing more money.
BlueLexus then promised to match her deposits dollar for dollar.
However, when she attempted to withdraw her funds, the scammers claimed she needed to reimburse them first.
To meet this demand, she borrowed money from family and friends, expecting to repay them quickly.
Once she had covered this amount, they demanded an additional $1.5 million in a margin call.
She refinanced her home and two investment properties to secure the funds—a decision that continues to haunt her.
Despite these payments, she was never able to access her money, ultimately realising she had been scammed.
She now owes over half a million dollars to friends and family, many of whom have cut ties with her.
Some of her friends have even fallen out with their own families after borrowing money on her behalf.
At her lowest point, Ms Chou considered taking her own life.
‘I definitely think about suicide,’ she said through tears.
‘Family and friends are what keep me going because I can’t betray (their) trust.’
She claims NAB failed to intervene despite her sending millions overseas in just three months—more than she had transferred in the previous six years.
One of her first transactions even converted from Australian dollars to Russian roubles, yet no alarm was raised.
After refinancing, she switched banks to Westpac.
The first time she attempted to transfer funds from her Westpac account, the bank blocked the transaction and required her to visit a branch with 100 points of ID.
She alleges NAB never imposed similar security checks.
Adding to her ordeal, NAB did not close her account after Westpac paid out her loans.
This oversight allowed the bank to take legal action against her.
She also claims NAB served legal documents not just to her but to tenants at her investment properties.
Now, her renters have access to her personal financial details, and one has even expressed interest in buying the property if it is sold.
She questions whether this breached privacy laws.
In response, NAB stated that serving documents to tenants was a legal requirement, not a privacy breach.
A spokesperson said the bank would not comment further while the matter was before the courts.
‘NAB takes its responsibility to scam prevention seriously,’ they said.
‘We have a bank-wide scam strategy in place to tackle this global epidemic. While we cannot comment on specific cases, we urge all customers who believe they have been scammed to assist, so the matter can be fully investigated.’
Hoping to recover her losses, Ms Chou initially lodged a complaint with the Australian Financial Complaints Authority (AFCA), arguing that NAB had breached anti-money laundering laws by failing to stop the transactions.
However, AFCA ruled the issue was outside its jurisdiction, directing her to Australian Transaction Reports and Analysis Centre (AUSTRAC) instead.
When her case was finally assessed, the ruling favoured the bank.
She was ordered to cover all costs and recovered only $3,000.
‘AFCA are hopeless,’ she said.
She is now preparing for a costly legal battle against NAB.
In a previous story, we highlighted a growing scam that’s been fooling Australians and leaving many financially devastated.
Protect yourself from these deceptive schemes. Read here to learn more.
Do you think banks should be more accountable for scam prevention? Is it time for stronger government regulations?
Share your thoughts in the comments below.
Falling victim to financial deception can be devastating, especially when the safeguards meant to protect consumers fail.
What started as a promising investment quickly spiralled into a nightmare, leaving one woman not only out of pocket but fighting to keep her future intact.
What happened next has sparked serious questions about accountability in the banking system.
A Sydney accountant who lost $2.6 million to scammers now faces the prospect of losing her home, her career, and her financial future.
Sylvia Chou, then 52, was deceived by an elaborate currency trading scam that drained her personal savings, forced her to borrow from loved ones, and led her to refinance her properties.
Six years later, the nightmare continues—her bank has taken legal action to foreclose on her home.
National Australia Bank (NAB) is suing her for $1.4 million plus interest due to a discrepancy linked to her refinancing.
She is now backing People Before Profit campaign, urging the federal government to mandate bank compensation for scam victims, as is the case in the UK.
Since October last year, UK legislation has required banks to compensate scam victims within five business days unless gross negligence is proven.
If Ms Chou loses her case, she will not only lose her home but also be forced into bankruptcy, meaning she can no longer work as an accountant.
‘Bankruptcy means no future for me because I can’t be a tax agent anymore, I can’t be a qualified accountant anymore,’ she shared. ‘What else can I do?’
The scam began in 2019 when she came across an advertisement on social media claiming to be endorsed by Shark Tank and promising a way to grow her investment portfolio.
It led her to a foreign currency trading platform called BlueLexus.
Having successfully traded before, she saw no red flags and found no negative reviews, with the company appearing to be registered in the US.
‘I did my homework. I checked it,’ she said.
‘It was very professional.’
The scammers required 100 points of ID and a current utility bill to verify her identity before opening an account, which made the platform seem legitimate.
She transferred all $2.6 million to a BPAY account linked to the scheme.
Believing she was investing in foreign currency trading, she initially deposited $250, then added another $10,000 as her balance appeared to grow.
Encouraged by apparent gains, she continued investing more money.
BlueLexus then promised to match her deposits dollar for dollar.
However, when she attempted to withdraw her funds, the scammers claimed she needed to reimburse them first.
To meet this demand, she borrowed money from family and friends, expecting to repay them quickly.
Once she had covered this amount, they demanded an additional $1.5 million in a margin call.
She refinanced her home and two investment properties to secure the funds—a decision that continues to haunt her.
Despite these payments, she was never able to access her money, ultimately realising she had been scammed.
She now owes over half a million dollars to friends and family, many of whom have cut ties with her.
Some of her friends have even fallen out with their own families after borrowing money on her behalf.
At her lowest point, Ms Chou considered taking her own life.
‘I definitely think about suicide,’ she said through tears.
‘Family and friends are what keep me going because I can’t betray (their) trust.’
She claims NAB failed to intervene despite her sending millions overseas in just three months—more than she had transferred in the previous six years.
One of her first transactions even converted from Australian dollars to Russian roubles, yet no alarm was raised.
After refinancing, she switched banks to Westpac.
The first time she attempted to transfer funds from her Westpac account, the bank blocked the transaction and required her to visit a branch with 100 points of ID.
She alleges NAB never imposed similar security checks.
Adding to her ordeal, NAB did not close her account after Westpac paid out her loans.
This oversight allowed the bank to take legal action against her.
She also claims NAB served legal documents not just to her but to tenants at her investment properties.
Now, her renters have access to her personal financial details, and one has even expressed interest in buying the property if it is sold.
She questions whether this breached privacy laws.
In response, NAB stated that serving documents to tenants was a legal requirement, not a privacy breach.
A spokesperson said the bank would not comment further while the matter was before the courts.
‘NAB takes its responsibility to scam prevention seriously,’ they said.
‘We have a bank-wide scam strategy in place to tackle this global epidemic. While we cannot comment on specific cases, we urge all customers who believe they have been scammed to assist, so the matter can be fully investigated.’
Hoping to recover her losses, Ms Chou initially lodged a complaint with the Australian Financial Complaints Authority (AFCA), arguing that NAB had breached anti-money laundering laws by failing to stop the transactions.
However, AFCA ruled the issue was outside its jurisdiction, directing her to Australian Transaction Reports and Analysis Centre (AUSTRAC) instead.
When her case was finally assessed, the ruling favoured the bank.
She was ordered to cover all costs and recovered only $3,000.
‘AFCA are hopeless,’ she said.
She is now preparing for a costly legal battle against NAB.
In a previous story, we highlighted a growing scam that’s been fooling Australians and leaving many financially devastated.
Protect yourself from these deceptive schemes. Read here to learn more.
Do you think banks should be more accountable for scam prevention? Is it time for stronger government regulations?
Share your thoughts in the comments below.
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