POLICE are searching for a woman who they believe racked up a $700 bill on an elderly women's stolen credit card in a spending spree at Melbourne's Chadstone Shopping Centre.

Investigators suspect the woman, shown in CCTV images, picked up the misplaced handbag belonging to a Gisborne woman, 74, and used it to go on a $700 shopping splurge at the weekend.

The victim had been for a day out at a Dandenong shopping centre in south east Melbourne on Saturday when she went to a confectionary store to buy chocolate.

When she returned home about 2pm, she realised she'd accidentally left her purse inside the confectionary store.

It's here investigators believe a woman, who is yet to be identified, picked up the purse and used it to make a number of purchases.

Police allege the woman went to a number of supermarkets and departments stores at Chadstone, which claims to be the biggest shopping centre in the Southern Hemisphere, and racked up purchases to the tune of $700.

The crime was "opportunistic", according to Gisborne Senior Constable Marianne Voswinkel, who has released CCTV images of a woman they believe can assist with their inquiries.

"The woman has a number of sentimental photos that were in her purse that can't be replaced, which is obviously quite upsetting for her," Sen-Constable Voswinkel said.

"We're hoping whoever picked it up will find it in their heart to hand it in to a police station so we can return it to her."

The woman is caucasian, has long blonde hair and was wearing a black top and black pants.

Anyone who recognises her or has information is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential report online.