Three men entered the elderly woman's home in Bentley, Walsall, through the back door on Wednesday.
They pulled the woman from her bed, falsely telling her that there had been an explosion.
She was then taken downstairs while they searched through her home, eventually fleeing with her cash around 9pm.
The woman was taken to hospital to be checked and was left shaken by the incident.
The incident happened one day before a 90-year-old was targeted in Rowley Regis and had £30,000 stolen by distraction thieves.
Police said there is nothing to suggest the two incidents are linked but stressed the investigation is in its early stages.
Nobody has been arrested and officers are now appealing for help tracking the thieves down.
Police say officers have taken statements from people in the area, examined forensics and are examining CCTV footage.
A West Midlands Police Spokesman said: "Please take time to talk to older neighbours and relatives about their security and things they need to do to stay safe.
"Pop round to check they’re OK, keep an eye out for any suspicious activity near their homes, and call us if anything seems amiss."
Anyone with information is asked to get in touch via Live Chat quoting crime reference 20/1628728/21 or call us on 101."