Not necessarily if you're going into a pickpocket dense area like Rome
What did you do? My cash was in a hollow belt, my compact camera tied to my trousers and the pocket it was in was safety pinned closed. Everyone we met had been stolen from, we were tested 3x that we know of (all in crowds, 2 of them on trains) with nothing taken. Naples was just as ad, but with an undertone of violence, and Lima was downright frightening.