The dropped wallet scam usually targets tourists. The con artist pretends to accidentally drop his wallet in a public place. After an unsuspecting victim picks up the wallet and offers it to the con artist, the scam begins. The artist accuses the victim of stealing money from the wallet and threatens to call the police, scaring the victim into returning the allegedly stolen money. Cases have been reported in eastern Europe.

Another version of the dropped wallet scam is a bit more complicated and works alot like the pigeon drop. It's played on a place of travel like a railway or airport. The con man will yell after you something like "Hey. You dropped your wallet". Come over into your personal space and hand you the wallet and start walking away. The point of the scam is chasing the con man down saying it's not my wallet. You both look inside and find high end credit cards and valuables. You also find a phone number. Often for a doctor. You call the number and the person answers. Thanking you for finding his wallet this person who just got on a train or a plane or something will tell you that his assistant will pick up the wallet at some gate or just outside, he tells you that there is a big reward for you that his assistant will pay you. Now the conman gets in a hurry to catch a train or a plane himself. You want to split the reward since he found the wallet so you hand over some of your own cash as he runs of. Of course the assistant never shows up and all you have is a cheap wallet with fake credit cards in it.