Dutch bank and financial services company Rabobank has teamed up with Quantum Computing Inc. (QCI) for a project to demonstrate how QCI’s photonic quantum information technologies, including the company’s Dirac 1 entropy quantum computing (EQC) system, can be used to battle fraud detection.
Rabobank is adding QCI’s technologies to its existing arsenal of fraud detection techniques. QCI told IQT News that there is no set lifespan for the project.
Many banks use a variety of technologies and products for fraud prevention and detection, taking a layered approach to make sure they can stop a variety of attacks and fraud types. Still, fraudulent card transactions cost the banking industry billions of dollars annually as cybercriminals continue using increasingly sophisticated techniques to try to thwart online security measures, which is leading more banks and financial services firms to look at quantum-based approaches.
As IQT has reported, fraud represents just one of many potential quantum computing applications for the financial sector. Fraud detection and related applications also have been hot topics of discussion at past IQT events.
“Payment fraud is an enormous problem for the banking industry, costing banks and consumers billions of dollars a year. We are very excited to collaborate with Rabobank in demonstrating the application of entropy quantum computing to this important problem,” said Robert Liscouski, CEO of QCI. “QCI’s EQC technologies provide the stability and scale necessary to address business-relevant problems. Rabobank’s forward-looking perspective as an innovator in the banking sector makes for an ideal partnership as we work toward developing and implementing new quantum solutions for the financial sector.”
Dirac 1 is available via an online subscription service from QCI. Rabobank is the first client using it for fraud detection applications, but QCI said it is in contact with other potential customers to use the system in similar ways.
Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.