Unfortunately theft and robbery are unavoidable risks for everyone, including travelers. The best approach, especially when traveling to an area known to have a higher crime rate, is to take adequate precautions.
Some useful tips to minimize loss include dividing your money in store in different places, storing money on your body, keeping small denominations bill handy and separate from large denomination bills, using an anti-theft bag and only carrying necessary items in your wallet while traveling.
Other possibly useful money-carrying tips include using a dummy wallet in pickpocketing/mugging prone areas, using a dedicated compact travel wallet and using money alternatives such as subway cards whenever possible.
Read more in this USA Today story:
Best ways to carry money while traveling