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.