Depending on their personal circumstances, the scheme would give people up to $900 a week in credits each year.
She said those credits could be used at petrol stations and supermarkets such as New World, a claim New World has dismissed.
Waterhouse said the scheme was linked to the pre-Treaty of Waitangi Declaration of Independence.
The Credit Exchange Facebook page said it was getting ready to dispatch eftpos cards to members who had signed up.
The page claims those cards can be used at any Paymark eftpos facility. Paymark said it was investigating. "We would advise caution."
Northland police spokeswoman Sarah Kennett said: "We have used the Central Bay of Islands Community Watch Facebook page to send a message to people to be aware of the scam."
Senior Sergeant Chris McLellan added: "We've had other ones in the past where people have promised things that are just unrealistic.
"If it's too good to be true, it's not true."
One Kaikohe woman who did not want to be named said an expected meeting between Credit Exchange promoters and local businesses had not gone ahead this week.
But she said claims about what the scheme could deliver were still being spread through the community.
She said the scheme was marketed to low-income people.
"I've never known you to get anything for nothing."
Credit Exchange is also promoting franchises for sale, for $10,000 each plus GST.
A Credit Exchange spokeswoman told the Herald on Sunday that those involved in the scheme were "experts in our fields that have combined our skills to make the change we all want to see".
"We have an international team spread out all over the world, ready to rock and roll."
