Lloyds Banking Group has reportedly completed the first-known experiment into how quantum computing might assist with identifying money mules. At the core of this particular initiative is Lloyds’ internal quantum computer capabilities. These now include a new working group of Quantum Ambassadors that are sourced from across the business entity, with professional qualifications in physics, mathematics as well as Computer Science.
During the 9-month program, this professional team worked closely with Lloyds’ economic crime prevention division and IBM’s experts in order to explore how quantum computing might assist with identifying various fraud patterns that can be difficult for conventional computing systems to accurately detect.
The experiment has now tested various quantum algorithms to check whether patterns of known money mule activity may be tracked within a bigger transactional graph.
The professionals team is said to have leveraged anonymized data on one of IBM’s 156-qubit quantum computers.
The solution has now reportedly tracked a real money mule that had been embedded in the data to validate the approach, indicating just how real-world financial crime challenges may be addressed in the foreseeable future using algorithms that may be implemented via quantum computing devices.
Ron van Kemenade, chief operating officer at Lloyds Banking Group, explained that financial crime is becoming quite complex and more network‑driven, which means it is imperative to constantly keep pushing the boundaries of tech to protect vulnerable customers.
They also pointed out that quantum computing is still emerging field and that this experiment has enabled them to translate research into practical insights.
It has also helped with building a strong internal community of quantum experts that will now aim to explore various use cases and applications as the tech matures.
In the past few years, quantum computers have really become more advanced. Google researchers are now concerned that they can crack current encryption systems and potentially compromise sensitive financial data.
However, many industry experts have noted that quantum breakthroughs will not negatively impact existing IT and financial systems because relevant entities will make sure they update the software applications so that they are resistant to any such attacks or online threats.