No, because your arms generally swing back and forth across your hip pockets, making them harder pockets to pick.
Having both been the victim of a pickpocket and knowing several, I can tell you that a good one will get you no matter what, unless you have one of those strapped around your waist contraptions, and the pickpocket is not your significant other. I saw a guy who demonstrated how he could even remove the wallet chain *and* take the wallet from the hip pocket from a rather snug pair of 501s. It was really amazing. A guy like that should have been making honest money doing majic tricks, as should have the guy who took my wallet in Barcelona (bastard.) The back pocket, on the other hand, is incredibly easy to snipe. I did it a couple of times to friends of friends on a bet (with the friend - the friend of the friend being the unwilling and unknowing subject of our *experiments*), and my pickpocket skills are, um, non-existant. Big, thick wallets that leave a gape in the back pocket are nearly too easy, especially in cramped quarters like public transportation.