Why not build RFID into the frame of bicycles? The ID can be registered with the police similar to how the serial numbers currently are in some places. This would allow for a less intrusive search of the bicycle. With enough money, perhaps RFID readers could be set up at bikestands and other locations people tend to rest their bicycles. The reader can pass each ID off to the police where the IDs can be checked for that of the stolen bicycle. Or, optionally, IDs of stolen bicycles can be broadcast out to the bikestands which then only report when a match is found.
A bicycle owner could also opt for the installation of a small GPS capable device so that, in the event of a theft, the bicycle can be traced.
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Real theives will know how to disable those protections,although they may be a deterrent to casual thieves. A GPS locator could be expensive, especially when a monitoring service is involved.
This seems like a very good idea to me. And you don't really need to have a monitoring service. You could connect the GPS device to a miniature cellphone module so you can turn the GPS device on by dialing a number only if you need to track your bicycle.
I believe this is especially useful for expensive racing bikes, as they usually cost at least 1000€.
The question remains however how much the small gps device would cost.