Police are investigating two separate reports of high value frauds in the Ards and North Down area.
They were both reported in within the past 48 hours.
PSNI have issued a warning on Facebook urging locals to be careful.
A spokesperson said: "On both occasions the victims have been informed their banking details have been compromised, and encouraged to move funds to holding accounts to prevent further loss.
"Monies are then transferred to third part accounts, most likely outside of the UK.
"At present both victims have experienced losses in excess of £20k each.
"Recognised banking institutions will never contact you by phone requesting you move monies to third party accounts.
"Never disclose personal or financial details to a cold caller.
"We would encourage the community to review their banking security, and discuss with any family members they deem vulnerable to be aware of such scams."
For further information regarding scams visit advice outlined by Scamwise NI here.
