Unless the media is making child abduction stories up, I see parents' reactions as quite reasonable.
As with everything else, they overhype the stories because they get money for doing so.
If there really were only 115 cases of abduction in the entire US of A as is reported in the article, fears are grossly exagerrated.
Of course the media would never, never exaggerate anything in order to boost viewership.
I believe that the FBI's NCIC statistics show the total number of stranger abductions (not runaways, not by a family member) as less than 200 per year.
Now if you prohibit your kids from exposure to any other activity that kills 200 children, in all of America, per year, you are being logical in preventing them from walking to school. I might not agree with you, but you still would be logically consistent.