The offences took place in January and February of this year.
The man was arrested on Thursday June 25, in East London, by the officers from the Stevenage North Safer Neighbourhood and Scorpion Teams, following an extensive investigation.
All five of the victims were elderly and had bank cards stolen or cloned, after being distracted while trying to use cash machines at Tesco, Sainsburys and the Natwest Bank. The cards were subsequently used to make withdrawals at cash points across Stevenage and Tring.
The man has been released under investigation while the investigation continues.