New Brunswick RCMP are warning of an investment scam involving cryptocurrency that is making the rounds.

Financial crime investigators have looked into a number of a cryptocurrency investment scam in the province.

“Victims are contacted by fraudsters by phone or text message, and are offered an opportunity to invest in cryptocurrency and promised a high rate of return,” Mounties said in a news release on Monday.

Instead of getting a high rate of return on their investments, police said the victims have lost “large” amounts of money.

After the victim starts to transfer money, police said the fraudster entices them to keep investing more through repeated communications. In some cases, they may be able to withdraw small amounts of their investment.

But Mounties said once the victim asks for a larger withdrawl, they are told they have to pay tax on their investment balance first and then wait up to 24 hours.

“After this, more excuses are made to convince the victim to send additional funds to the fraudster to release their investment,” said the release.

“This will continue until the victim runs out of money or refuses to send more at which point the fraudster stops all communication and the victim never receives their withdrawal.”

RCMP said the are ways to help protect yourself from investment scams, such as doing your own research and getting a second opinion from a trusted friend, lawyer or accountant.

You should also be aware, according to police, that time-limited or high-pressure offers are signs of a scam.

If you are a victim of any type of scam, you should contact your local police department to file a report. You can also submit a report through Crime Stoppers by calling 1-800-222-8477 or by Secure Web Tips at www.crimenb.ca.