Money & Banking

Now, an ATM that will shock crooks

K Ram Kumar Mumbai | Updated on January 24, 2018

ATM

Chennai-based company’s intelligent teller machines aim to prevent thefts





Thieves seeking to steal cash from an ATM and miscreants looking to uproot the machine and cart it away will soon get a rude shock, literally. A Chennai-based company has come up with a new line of ‘intelligent’ ATMs that will deliver non-fatal electric shocks to prevent such heists.

In case the thieves come prepared with rubber-soled shoes and non-conductive gloves, the technology is programmed to automatically pull down the shutters of the ATM kiosk.

The intelligent ATM (iATM) has been developed by Chennai-based Leo Prime Payment Solutions. The machine will also come equipped with a panic button that can be pressed by a user who is forced to withdraw money from the ATM. This will alert the nearest police station and the ATM service provider.

According to Khadeer Peer Shariff, Executive Director, Leo Prime Payment Solutions, the security automation features could help banks and white label ATM companies save on the costs arising from deploying security guards 24x7 in three shifts. Shariff said Leo Prime has applied for a patent for the security features as well as for a portable energy machine for ATMs in India.

Flexible design

Leo Prime’s ATMs are designed to be fixed on a wall, put in a grocery shop or tea stall, or even mounted on a motorcycle (like a pizza delivery box). On special days, especially weekends and festivals, when there are long queues, Shariff said banks could deploy motorcycle-mounted ATMs to ease the pressure on kiosks.

“Our ATMs are compact, and don’t require much space for installation. This could help bring down rental expenses. Banks and white label ATM companies want to bring down operating expenses,” he explained.

Shariff said precision components manufacturer Leo Primecomp, the parent of Leo Prime Payment Solutions, has the capacity to manufacture 100,000 ATMs a year for sale in India as well as export markets.

Published on January 14, 2015

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