At 75, Loraine Carpenter from Brisbane expected a peaceful retirement, but financial hardship has led her to consider relocating overseas. Once financially stable, having sold her home and inherited $700,000, her situation dramatically changed after falling victim to a cryptocurrency investment scam. Within five months, scammers stole nearly $500,000, wiping out her nest egg.
Carpenter’s nightmare commenced in September 2022 when she encountered a fraudulent celebrity advertisement on Facebook. Following the ad, she engaged with a bogus online trading platform, TBX Titanium, led by a man impersonating a broker. She was reassured by fabricated information that her investments were safe, prompting her to transfer significant sums into an account that was eventually identified as belonging to a money mule.
When Carpenter discovered the truth—that her supposed investments were worthless—she was devastated. Investigations revealed numerous other victims as well. Despite lodging multiple complaints, her efforts yielded little justice, leaving her frustrated with the lack of oversight from banks regarding the account’s suspicious activity.
Now facing the prospect of moving to Ecuador due to unaffordable living costs in Australia, Carpenter criticises new legislation designed to combat scams, arguing it fails to provide sufficient protection or compensation for victims.