A man called at the 84 year old's home at Sydney Street West on Saturday.
He claimed he had been sent to do work in the back garden.
The householder accompanied him to the back garden. The man appeared to check the drains and then, suddenly, ran off. Once back inside his home, the pensioner found that money had been stolen.
Police believe a second person got into the house while the pensioner was in the back garden and took the money.
They are appealing for information.
An elderly man has been targeted in a distraction burglary in north Belfast.