I remember a different variation from the 1990s: a wallet instead of the ring, and an offer to split the cash. While you talk with the baiter, the "owner" shows up saying you stole it and threatens with police or just hints a violent payback. The baiter then begs the victim "we both" have to pay the "owner", or else.
There has to be a site somewhere listing them all.
"Oh well we better contact the police and have them sort this out" pulls out phone and dials the local equivalent 911 before waiting for a response. Any responsible traveler should have this number memorized for where they are going an be sure they get a phone that works in their destination.
It's clearly possible to get out of, just as most scams like these are based on combo of intimidation and greed. You just have to stand your ground. Outright mugging is a whole different thing and typically less subtle.
There has to be a site somewhere listing them all.