RAD Introduces ATM Hook & Chain Attacks Deterrent Solution
Over the past several years Hook & Chain ATM thefts have steadily increased. RAD says that its new AI-based technology is designed to help the banking industry to better deal with growing crime trend.
RAD has announced its new ATM Hook & Chain deterrent update.
DETROIT—Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., has announced an addition to its suite of AI analytics. This new feature equips RAD’s robotic security solutions with the capability to detect the rampant threat of ATM Hook & Chain attacks plaguing the banking industry.
RAD explains that Hook and Chain attacks involve 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 asserts that it is providing cutting-edge security solutions tailored to meet the evolving challenges faced by financial institutions and other enterprise clients.
“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,” states Steve Reinharz, CEO/CTO of AITX and RAD. “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.”
Hook & Chain Thefts Are Major Problem for Banking Industry
According to a report by ATM Marketplace, the FBI reported 254 thefts in 2021, up from 229 in 2020 and 31 in 2019. RAD emphasizes that 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 $500,000 per incident.
“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,” comments Mark Folmer, CPP, PSP, FSyI, president of RAD.
RAD stresses these 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 company alleges that 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.
“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,” adds Troy McCanna, senior vice president of revenue operations, RAD. “Additionally, our sales pipeline includes several significant banking opportunities, and this enhancement should help move them closer to completion.”
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