The incident happened between 1.30pm and 2.30pm on Thursday in Carron Road.
The 83-year-old was walking along the road, near to the bus stop outside Matalan, when she was approached by two men.
They assaulted her and tried to grab her handbag.
However, they were disturbed by two passers-by before running off.
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The first suspect is described as white, of slim build, around 5ft 3in tall, with dark brown short hair. He was possibly wearing a denim jacket.
The second man was also white, of slim build, around 5ft tall with light-coloured short hair.
Detective Constable Carolyn Alexander, of Falkirk CID, said: “We’re eager to speak to the two men who helped this woman and I’d ask them to contact us.
“We’d also like to speak to anyone who may have witnessed this incident or has any relevant information.”
Those with any information can contact Police Scotland on 101 or Crimestoppers on 0800 555 111.