Police are warning Gold Coasters to be wary of the latest 'hitman scam'.

Hundreds of Australians have received a threatening text or email ordering them to deposit $5000 into a bank account or they will be killed.

The text reads: "Sum1 paid me to kill you. get spared, 48hrs to pay $5000. If you inform the police or anybody, death is promised...E-mail me now: killerking247yahoo.com."

Police said the hoax is commonly referred to as the 'Hitman Scam'.

In a statement released today, Queensland Police said recipients should not to be alarmed if they receive the text/email and to just delete it.

If you received the text/email and transferred money, it is vital you contact police and your bank immediately.