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Rabobank Taps Quantum to Tackle Fraud

Bank announces project with QCI to detect and prevent fraudulent card transactions

Berenice Baker, Editor, Enter Quantum

December 7, 2022

1 Min Read
QCI CEO Robert Liscouski
QCI CEO Robert Liscouski says the company is developing new quantum solutions for the financial sector.QCI

Dutch multinational bank and financial services company Rabobank has announced it is working with Quantum Computing Inc. (QCI) to apply quantum computing to fraud detection.

Fraudulent card transactions cost the banking industry billions of dollars annually. Rabobank is working with QCI to see whether its entropy quantum computing (EQC) technology, including its Dirac 1 hardware, can be applied to a machine learning process to make fraud detection faster and more accurate.

If the project proves successful, Rabobank will add the QCI solution to its arsenal of existing fraud detection techniques and solutions to offer its customers better protection from fraud.

“Payment fraud is an enormous problem for the banking industry, costing banks and consumers billions of dollars a year,” said QCI CEO Robert Liscouski. “We are very excited to collaborate with Rabobank in demonstrating the application of entropy quantum computing to this important problem.”

“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 QCI’s first commercially available EQC system that uses quantum photonics effects. According to the company, it supports full-stack quantum solutions that enable customers to run complex optimization problems on a stable, room-temperature, desktop platform.

About the Author(s)

Berenice Baker

Editor, Enter Quantum

Berenice is the editor of Enter Quantum, the companion website and exclusive content outlet for The Quantum Computing Summit. Enter Quantum informs quantum computing decision-makers and solutions creators with timely information, business applications and best practice to enable them to adopt the most effective quantum computing solution for their businesses. Berenice has a background in IT and 16 years’ experience as a technology journalist.

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