RAD Devices to be Equipped with the Ability to Detect and Potentially Thwart ATM Theft
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., announced a significant addition to its suite of AI analytics. This innovation equips RAD’s robotic security solutions with the capability to detect the rampant threat of Hook & Chain ATM attacks plaguing the banking industry. A Hook and Chain attack involves attaching one end of a chain or cable to an ATM and using a vehicle to exert force on the machine, usually by pulling the chain with the vehicle, with the objective of forcefully open the ATM’s safe doors, allowing thieves to access the cash inside. With this development, RAD continues to lead the charge in providing cutting-edge security solutions tailored to meet the evolving challenges faced by financial institutions and other enterprise clients.
Steve Reinharz, CEO/CTO of AITX and RAD commented, “This important addition to our growing suite of AI analytics is just another example of how RAD is listening, and responding, to the needs of our clients and prospects. Since the very beginning, RAD has been in the business of saving clients’ money through innovative AI-powered solutions. This new analytic is the embodiment of that mission.”
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According to a report by ATM Marketplace, the FBI reported 254 thefts in 2021, up from 229 in 2020 and 31 in 2019. Hook and chain attacks were the leading ATM crime, in which thieves steal the cash from an ATM machine and cause extensive property damage, sometimes with loss and damages approaching $500K per incident.
Mark Folmer, CPP, PSP, FSyI, President of RAD, added, “The Hook & Chain analytic was requested during discussions with a leading national bank with over 1000 branches. It’s foreseeable that soon a large number of these locations will implement a ROSA or RIO to provide that extra layer of defense, security and safety.”
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ATM attacks result not only in direct financial losses from stolen cash and property damage but also in significant reputational and financial impacts for banking institutions. The public perception of a bank’s security and trustworthiness can be severely damaged in the aftermath of such attacks, leading to a loss of customer confidence and potential erosion of market share. Moreover, the costs associated with investigating and resolving these incidents, including legal fees, regulatory fines, and public relations efforts to restore trust, can further strain financial resources.
Troy McCanna, RAD’s Senior Vice President of Revenue Operations, expressed optimism, stating, “This new analytic has the potential to propel RAD further into the banking and finance market segments. We currently have highly satisfied banking clients who are eager to implement the ATM attack detection analytic. Additionally, our sales pipeline includes several significant banking opportunities, and this enhancement should help move them closer to completion.”
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