What you do when a miscreant snatches your bag?

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Snatching bag, jewelery,belongings etc is a common thing. Though I have not experienced such a situation, still I think why it would not happen to me one day? When someone would try to snatch my bag or jewelry or any belongings, what I will do? It will be wise to let him go. My life and personal safety mean much more than anything material. More ever what a woman can do in such situation when she is alone? Of course she may screamed.