RAD Introduces Innovative Security Solution to Combat Hook & Chain ATM Attacks

In a bid to combat the rising threat of Hook & Chain ATM attacks, Robotic Assistance Devices (RAD) has introduced an innovative security solution to its suite of AI analytics. These attacks, which involve thieves attaching a chain or cable to an ATM and using a vehicle to force open the machine’s safe doors, have become alarmingly prevalent in the banking industry. RAD’s new technology aims to detect and potentially thwart these attacks, providing a much-needed layer of defense for financial institutions.

RAD’s CEO and CTO, Steve Reinharz, emphasized the company’s commitment to meeting the needs of its clients and prospects. He stated, “RAD has always been dedicated to saving clients' money through innovative AI-powered solutions. This new analytic is a testament to that mission.” Reinharz’s words highlight the crucial role that RAD plays in delivering cutting-edge security solutions tailored to the evolving challenges faced by enterprises.

According to a report by ATM Marketplace, there were 254 ATM thefts reported by the FBI in 2021, a significant increase from 229 in 2020 and 31 in 2019. Hook and chain attacks were the most prevalent type of ATM crime, with thieves causing extensive property damage and stealing cash, resulting in losses and damages approaching $500,000 per incident in some cases.

Mark Folmer, the President of RAD, revealed that the Hook & Chain analytic was requested by a leading national bank with over 1000 branches. He noted that it is foreseeable that many of these branches will implement RAD’s security solutions to enhance their defense, security, and safety measures. The potential implications for RAD’s growth in the banking and finance market segments are promising.

ATM attacks have far-reaching consequences for financial institutions beyond direct financial losses. These incidents can severely damage a bank’s reputation and customer trust, leading to a loss of market share. The costs associated with investigating and resolving these attacks, such as legal fees and public relations efforts, can also strain financial resources. Therefore, implementing RAD’s security solutions not only protects against physical threats but also safeguards a bank’s reputation and financial integrity.

RAD’s Senior Vice President of Revenue Operations, Troy McCanna, expressed optimism about the potential impact of the new analytic on RAD’s business. He stated, “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.”

RAD’s security and safety solutions for the banking industry are comprehensive and wide-ranging. One notable product is ROSA, a compact and self-contained security and communication solution. ROSA utilizes AI-driven security analytics such as human, firearm, and vehicle detection, as well as license plate recognition. It also offers seamless integration with RAD’s software suite, including notification and autonomous response capabilities. Moreover, RAD’s technologies, including AI-based analytics and software platforms, are all developed in-house, ensuring their quality and effectiveness.

As a subsidiary of Artificial Intelligence Technology Solutions (AITX), RAD plays a pivotal role in revolutionizing the security and guarding services industry, which is estimated to be worth $25 billion in the US alone. By providing cost-saving robotic solutions that complement or replace the need for human personnel, RAD helps businesses streamline operations, increase ROI, and strengthen their overall security posture. With a prospective sales pipeline that includes over 35 Fortune 500 companies, RAD is poised to continue attracting new business and generating a recurring revenue stream.

In conclusion, RAD’s introduction of a groundbreaking security solution to combat Hook & Chain ATM attacks demonstrates its ongoing commitment to innovation and client satisfaction. By providing cutting-edge AI analytics tailored to meet the specific challenges faced by financial institutions, RAD is revolutionizing the security industry. With its comprehensive suite of security and safety solutions, including ROSA, RAD is poised to make a lasting impact in the banking and finance market segments, offering a much-needed defense against physical and reputational threats.