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BowLift | Anti-theft, Vibration Alarm Bicycle - Perfect To Protect Your Bicycle Well winners-export-1606-batch59 A stunning pair of earringsWhy Is It So Challenging to Prevent Bike Theft? Most people are already aware that bicycle theft is a significant issue in urban areas without needing to see statistics. According to Streetsblog, bike theft in New York has surged by 25 percent. The F. B. I. estimates that the annual value of stolen bicycles and their parts reaches $350 million. Another factor contributing to the widespread theft is that lock technology has not evolved sufficiently.