One thing I can add to this discussion is that it good to avoid being a target in the first place.

When we travel we leave all our jewelry at home. I wear a plastic Timex watch. We leave our camera at home or bring along a cheap old camera that we wouldn't mind losing. We don't dress in a flashy way. Particularly in poorer countries we do not flaunt our wealth. We are fairly well off and we have no need to advertise this to anyone. No one has ever tried to pickpocket us to my knowledge.

Usually on our travels we see tourists, usually older, with jewelry, carrying nice cameras, well dressed etc. If I were I thief these are the people I would target.

I have been ripped off once in many years of traveling all over the place, that was when a maid stole $20.00 from my hotel room in Ixtapa (the room safe was broken), I was planning to tip her $30.00 anyways, it was her loss.