Police arrested four people Thursday in connection with a fraud investigation targeting elderly people throughout the Greater Toronto Area.

Police allege that between November 2011 and February 2012, the four accused would go stand behind victims while in a store waiting to pay and then would look over their shoulders to get their PIN.

Once the victims had left the store, one or more of the accused would distract the victims while the others would pickpocket them, then use their credit and debit cards to commit frauds.

"We're looking at a number of elderly people that have been victimized by these four people," Const. Tony Vella told CBC News.

Vella said there was more than $40,000 of worth of losses.

A total of 543 fraud-related charges have been laid against Eva Caldaras, 27; Mariea Nicolaie, 29; Guta Stancu, 29, and Samuiel Caldaras, 26.

"When at the cashier line, know your surroundings," Vella warned.

He also advised that PINs be changed regularly, balances should be checked often and PINs should never be given out to anyone.

The suspects will appear in court at College Park on Friday, March 9.

Police believe there could be more victims.