Checkpoint Systems, Inc., a global supplier of merchandise availability solutions for the retail industry, has announced patent-pending dual RF-RFID labels that incorporate UCODE 7 chips from NXP.

Shrink, consisting of shoplifting, employee or supplier fraud, organized retail crime and administrative errors, cost the retail industry more than $112bn globally last year, according to the 2012-2013 Global Retail Theft Barometer, and represented 1.4 percent of retail sales, on average.

UK retailers lost more than £400m ($603m) last year as a result of fraudulent "goods lost in transit" (GLIT), with the average cost estimated at over £40, or about $60. Now, 90 percent of retailers believe growing numbers of fake GLIT claims pose a serious threat. This is an ongoing problem and highlights a new form of theft: "digital shoplifting".