Buy a cheap wallet or find an old one you don't use anymore.
Place a $20 bill and several $1 bills behind it so that a mugger will believe that the wallet contains a lot of money.
Go through junk mail containing credit card offers. Unglue the fake credit cards that come with the offers and place them inside of your wallet to make it seem like the wallet contains valid credit cards.
Put business cards and small slips of paper into the wallet to put the finishing touch on your mugger's wallet. Include coupons, ads or junk receipts.
Keep your mugger's wallet in a front pocket that only you can get to. Making your wallet easily accessible may encourage muggers.
Find ways to conceal your real money. Sew extra pockets into the inside of your pants, invest in a money belt to use in place of a regular wallet or divide your money into secret places around your body like in a sock or in an underwear strap so that you won't be caught without any money if mugged.