Chinese financial industry banks on quantum computing to help combat fraud
- Ping An Insurance has teamed up with a start-up to use the technology to identify fraudulent behaviour
- Researchers say the technology has wider uses in the financial industry, for example by helping to optimise investments
“Those quantum algorithms could identify fraudulent behaviour in the capital market. They give quick and accurate early warnings … to avoid large financial losses,” Dou Menghan, deputy director of Anhui Quantum Computing Engineering Research Centre, was quoted as saying.
Researchers have developed a fraud detection model based on quantum neural network technology, a framework in quantum machine learning. The model can spot abnormal transfers and transactions and effectively identify complex money laundering transactions.
“These applications have high requirements for computing power, which is the advantage of quantum computers. This cooperation will greatly improve the response speed of Ping An’s financial services,” Cui Xiaolin, head of Ping An’s Lambda Laboratory, told China Science Daily.
Origin Quantum has also established a financial laboratory in partnership with CCB Finance, a subsidiary of China Construction Bank, and launched a quantum finance app for mobile phones.