The man was approached by another younger man who offered to assist him down the High Street towards Lickhill Road on Tuesday.
They walked toward the victim's car, parked opposite Pot Luck hardware store, at around 11.45am. The victim later realised his wallet was missing.
A member of the public later found the wallet discarded and returned it to the victim's home address, however a quantity of cash and his bank card were missing.
PCSO Andy Stevens said: "We are treating this incident as theft and while the gentleman is understandably upset by the ordeal, in which he thought someone was trying to help him, he is relieved that a cherished photo from Second World War of he and his wife was still inside and grateful that the person who found his wallet returned it to him.
"Stourport Safer Neighbourhood Team have been supporting the victim since the incident and extensive investigations are on-going."
Anyone with information should contact West Mercia Police quoting log number 233i of May 11. Alternatively, call Crimestoppers anonymously on 0800 555 111.