This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
09/23/2022
Quantum ready
Fraud Magazine
In 2020, a Spanish quantum technology startup, Multiverse Computing, tested its quantum algorithm’s ability to detect fraud on a set of actual credit-card payments from across the European Union. The algorithm, operating on an IBM quantum computer, sifted through nearly 300,000 payments, and identified 200 fraudulent transactions. In an interview with Fraud Magazine, Multiverse’s co-founder and Chief Security Officer Román Orús, Ph.D., said his company’s quantum algorithm is 2% more accurate in scoping out fraud than the artificial intelligence software (AI) many financial institutions currently use. Two percent might not seem significant, but those few extra percentage points could help a large bank save millions of dollars from being lost to fraud, Orús adds.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information