"They certainly would fall into the confidence trickster category, having said that, they're also cowards, they're preying on elderly people, on vulnerable people," Chapman said.
AAP understands the syndicate also hit a large jewellery fair in Sydney where they were caught on camera before fleeing with a large amount of jewellery.
Four men were arrested at Sydney airport on Saturday. Two were pulled off a plane bound for Santiago, Chile, at the last minute. They are believed to have been in Australia on tourist or student visas.
NSW police have alerted other states about the sting, saying the method was nothing new. "It's not unique to Sydney, Australia, there's open source material suggesting these sort of offences occurred overseas, in Toronto in Canada a similar group were arrested with the same MO and techniques," Chapman said.
Investigators have released security footage as they search for more offenders. Police are urging the public to remain vigilant, especially those who have just completed banking transactions or are in possession of cash or jewellery.
- AAP