The 93-year-old victim was in her Upper Malone Road home when the incident happened around 4 pm on Wednesday.
According to the PSNI, a man called at her home claiming there was a fault with her neighbour’s water supply.
He said he needed to check her home before he started raiding the elderly woman’s home.
Police say that it was only after the man fled did the woman realise that a sum of money had been taken.
The woman was not physically injured during the raid but was left badly shaken by her ordeal.
Detectives have appealed for anyone with information to contact them on 0845 600 8000.