FerFAL over at the Modern Survivalist is recomending having a second, fake, wallet on hand - to give to a would-be mugger. Just an old wallet with a dollar or two in it and some fake credit cards. When the mugger demands your money, jsut hand over the "give away" wallet.
I'm not sure that this will keep you from getting assaulted, or worse; But in the absence of other options, it might just work.
http://www.themodernsurvivalist.com/?p=1339
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