Police are warning Rugbeians to remain vigilant after receiving reports of two suspected telephone scams last week.
The first incident happened in Collingwood Avenue on Thursday morning (January 11), when a man in his 80s was phoned by a man claiming to be from the police.
The caller asked the man to withdraw a substantial amount of money and asked him to read the serial numbers of the bank notes to them.
The caller then claimed these notes were forgeries and arranged for them to be collected later that day.
The second incident is reported to have happened at a property in Morton Gardens on Friday January 12, when a woman in her 90s was also phoned by a man claiming to be from the police.
The caller told the member of public they needed her help to convict three people suspected of committing fraud at a Santander bank, asking her to withdraw a substantial amount of money that was later collected by an unknown woman at around 7pm that night.
In both incidents the victims were told they should not contact their local police and that bank staff were in on the fraud.
Designing Out Crime officer Ian King of Warwickshire Police said: "Officers are currently investigating both of these incidents, which have clearly targeted older members of our community.
"One of the victims was told that if bank staff asked them what the money was for they should say it was for the installation of a stair lift, and the other victim was told to say it was for work on a loft extension.
"If you are called by someone who tells you to say similar, this should immediately raise your suspicions and you should end the call and contact police straight away.
"I would like to remind everyone that police and banks will never contact you asking for money or personal details such as PINs, and they will never send couriers or arrange for people to come and collect money from you.
"We are continuing to work with banks in the area to ensure that elderly and vulnerable people are not withdrawing their money and handing it over to fraudsters, but I urge everyone to share the following advice with neighbours, friends and relatives.
"Never transfer money to an account of someone you don't know and don't be pressured into withdrawing money, or leaving it unattended.
"If you get a suspicious call, hang up and phone the police using a different phone if possible. Never give out details of bank accounts to anyone you don't know."
Residents are urged to report any suspicious activity to police on 101, or 999 if a crime is in action.