Police are appealing for help after the incident on Monday in Howdenhall Drive.
The 81-year-old was at home when two men called at the door offering to do guttering work.
She was then told that they had discovered damage to her roof, and was quoted a four-figure sum to fix the problems.
One of the men then drove the lady in a white van to the Santander Bank in Newington and waited outside whilst she withdrew the cash. After being informed that further damage had been found, the lady went back to the bank alone and withdrew a further sum.
Officers are now urging anyone who can assist with their enquiries to come forward.
The first suspect is described as being a white male between 25–35 years old, around 5ft 10ins tall and of slim build, with dark hair in a pony tail.
The second male is described as being a white male in his late 30s, of medium build and with blond hair. Both had English accents. Anyone with any information should call police on 0131-311 3131.