Veda Lamar Nichols, a metro police spokeswoman, said the man allegedly told the woman he was an officer investigating fraud on her bank account.
Within 45 minutes on Nov. 17, the man took the woman to two Bank of America branches in Savannah and withdrew $9,000 at each, Nichols said.
On Monday, police released a security photo of a man believed to be involved in the scheme.
Nichols said police believe a second man involved in the scheme defrauded the woman of another $1,000 on Nov. 13.
Charges were pending and the investigation was ongoing, she added.