Chinese banks turn to quantum computing to combat fraud

Ping An Insurance, a Chinese holding conglomerate, has joined forces with Origin Quantum, a start-up, to develop financial algorithms and hardware that could help fight financial fraud. Within the framework of this partnership, a fraud detection model was developed based on quantum neural network technology. The model is said to be able to identify abnormal transfers and transactions and effectively identify complex money laundering transactions.

In a similar development, the Bank of China, China Merchants Bank, and the Bank of Communications are working with TuringQ, a quantum computing firm, to enable the use of quantum artificial intelligence algorithms in banking, in areas such as credit card fraud detection and investment portfolios optimisation.