A 20-year-old man was arrested in Leicester on Saturday night in connection with four cases of courier fraud which were reported in Warwickshire earlier in the day.
Elderly people in Barford, Studley, Aston Cantlow and Earlswood reported receiving phone calls from a male claiming to be a police officer who told them that their bank details had been compromised.
In each case the caller said that a courier would collect their bank cards from them and that they should call their banks to report the situation.
Three of the four people recognised this as a scam and refused to give details.
One, however, did not realise until it was too late and as a result money has been taken from an account.
The male who was arrested was taken into custody for questioning and later released on police bail pending further enquiries.
Officers investigating the incident would like to hear from anyone who saw suspicious activity in the New Road area of Studley, Aston Cantlow village, the Church Lane area of Barford or the Malthouse Lane area of Earlswood.
Anyone with information is asked to call Warwickshire Police on 101, or to contact Crimestoppers anonymously on 0800 555 111 or www.crimestoppers-uk.org