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Global Journal of Emerging AI and Computing

Quantum Computing in US Banking: The Future of Fraud Prevention and Financial Crime Detection

Ashok Ghimire

Published Feb 1, 2025• 0 citations
Publisher

Abstract

As an attempt to fight sophisticated financial crimes, US banks are getting into new technologies on this front, and quantum computing can be viewed as a game changer in this area. Unmatched computational power is available through quantum technology for use in fraud detection that is ahead of its time, real-time transaction monitoring, and quantum resistant encryption. Quantum computing, therefore, offers solutions for financial institutions that are currently facing threats of cyber-attacks, insider fraud, and compliance to various regulations with its quantum enhanced artificial intelligence (QAI) and quantum safe encryption. The adoption of the quantum computing, however, is met with a great number of challenges, such as high implementation costs, a shortage of qualified staff and constantly changing cybersecurity threats. Quantum powered cyber-attacks requires transition from the classical cryptography to the post quantum cryptography to protect sensitive banking data. Regulatory compliance is still a major issue even for banks, and the goal for the industry is to collaborate between banks, tech firms, and government agencies in order to create industry wide security standards. For US banks to prepare for this quantum powered future, they will need to spend in research, develop strategic partnerships, and train their cybersecurity professionals. As quantum technology is adopted at the beginning, quantum fraud prevention technologies

DOI
10.70445/gjeac.1.2.2025.31-50

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As an attempt to fight sophisticated financial crimes, US banks are getting into new technologies on this front, and quantum computing can be viewed as a game changer in this area. Unmatched computational power is available through quantum technology for use in fraud detection that is ahead of its time, real-time transaction monitoring, and quantum resistant encryption. Quantum computing, therefore, offers solutions for financial institutions that are currently facing threats of cyber-attacks, insider fraud, and compliance to various regulations with its quantum enhanced artificial intelligence (QAI) and quantum safe encryption. The adoption of the quantum computing, however, is met with a great number of challenges, such as high implementation costs, a shortage of qualified staff and constantly changing cybersecurity threats. Quantum powered cyber-attacks requires transition from the classical cryptography to the post quantum cryptography to protect sensitive banking data. Regulatory compliance is still a major issue even for banks, and the goal for the industry is to collaborate between banks, tech firms, and government agencies in order to create industry wide security standards. For US banks to prepare for this quantum powered future, they will need to spend in research, develop strategic partnerships, and train their cybersecurity professionals. As quantum technology is adopted at the beginning, quantum fraud prevention technologies
The rise of quantum computing presents a profound shift in the cybersecurity landscape, particularly for the banking and finance sectors, where the protection of sensitive data is paramount. Traditional encryption methods are increasingly at risk of being compromised by the computational power of quantum machines, demanding the adoption of quantum-resistant technologies. This discussion delves into quantum key distribution (QKD) and post-quantum cryptographic algorithms, exploring their potential to secure financial transactions, protect customer information, and reinforce the integrity of banking networks. The application of these technologies offers new avenues for safeguarding data against quantum attacks while also addressing the challenges associated with integrating quantum security into existing infrastructures. The exploration also highlights the risks posed by quantum computers to current cryptographic systems and provides guidance on how financial institutions can transition to quantum-secure frameworks. By embracing these innovations, the banking and finance sectors can build resilience against future cyber threats in an era of quantum computing.
The banking sector remains a high-value target for cyberattacks due to its vital role in managing sensitive financial data and enabling large-scale digital transactions. As digital banking expands, cyber risks increasingly carry systemic implications. In this context, quantum computing represents a fundamental shift in the cybersecurity landscape. Widely used encryption mechanisms such as RSA and elliptic curve cryptography (ECC), which underpin digital banking, payments, and data protection, are vulnerable to future quantum attacks particularly under the "harvest now, decrypt later" (HNDL) threat model, where encrypted financial data collected today may be compromised once quantum computing capabilities mature. This research examines the role of quantum computing in reshaping banking cybersecurity, with emphasis on post-quantum cryptography (PQC), quantum key distribution (QKD), quantum random number generation (QRNG), and quantum machine learning (QML) for fraud detection. Drawing on global and Indian banking practices, regulatory guidance from RBI and SEBI, and policy initiatives such as India's National Quantum Mission, the study proposes a structured roadmap for quantum readiness. The NIST finalization of PQC standards (FIPS 203–205, August 2024) has removed a key barrier to action, enabling banks to begin quantum-safe migration immediately. The study concludes that quantum-safe migration is a strategic imperative requiring phased implementation, architectural modernization, and coordinated regulatory and institutional action
Quantum computing has emerged as a transformative technology that holds the potential to revolutionize various industries, including banking. As quantum computers continue to advance, they pose significant risks to existing encryption methods that secure sensitive financial data. Traditional cryptographic systems, such as RSA and elliptic curve cryptography (ECC), are foundational to modern banking security; however, these methods rely on mathematical problems that quantum algorithms, notably Shor's Algorithm, could solve exponentially faster than classical computers. This paper explores the impact of quantum computing on banking encryption systems and discusses the urgent need for post-quantum cryptography. We examine the vulnerabilities of current banking encryption protocols, the status of quantum-safe cryptographic algorithms, and strategies for implementing quantum-resistant systems in the financial sector. The transition to post-quantum security requires collaborative efforts among financial institutions, regulatory bodies, and quantum computing researchers to ensure a secure and efficient implementation of future-proof encryption standards. This paper emphasizes the importance of early adoption and the proactive steps required to safeguard banking systems against the imminent quantum threat
In the modern world, the financial sector faces a wide range of extraordinary events, from market shocks and geopolitical tensions to pandemics and cyberattacks. These diverse challenges significantly impact banks. Recently, particular attention has been drawn to the influence of artificial intelligence (AI) and quantum computing (QC) technologies on the stability of the financial system. This article analyzes the potential areas of impact of quantum technologies on the financial sphere in general and the resilience of financial institutions in particular.It's determined that quantum technologies can simultaneously pose both threats and new opportunities. Specifically, the article analyzes the potential of quantum technologies to break existing cryptographic algorithms that protect the confidential data of financial institutions' clients. This threat is exacerbated by the possibility of "harvest now, decrypt later" attacks, where malicious actors intercept data today with the intention of decrypting it in the future. This presents challenges and threats for online/mobile banking, payment operations, and corporate communications. Among the positive impacts of quantum technologies on banking, the article highlights improved financial risk assessment, particularly enhanced accuracy in stress testing, portfolio management, and derivatives pricing, by solving problems inaccessible to classical computing. The potential of quantum machine learning for fraud detection is also noted. Attention is given to the financial sector's response to these challenges. Initiatives for developing quantum-resistant (post-quantum) cryptography are considered as the primary method for mitigating the risks associated with the proliferation of quantum computing, along with new cryptographic protocols and quantum key distribution as a new opportunity to enhance security. The article emphasizes the responsibility of central banks in forming quantum-readiness strategies, including investments in post-quantum cryptography, expertise development, and the adaptation of regulatory frameworks. The conclusion drawn is that although the immediate benefits of quantum technologies may be modest, their long-term transformative potential for the financial sector is immense.
Quantum computing imperils cybersecurity by utilizing superposition and entanglement—via algorithms like Grover's and Shor's—to breach classical RSA and ECC encryption. To secure critical economic data, particularly within European banks, the adoption of lattice-based, hash-based, and code-based cryptography, along with Quantum Key Distribution (QKD), is essential. This paper outlines a future “Architecture of Quantum Banking” (AQB) rooted in post-quantum cryptography. Beyond defense, the study explores how financial institutions can leverage QAOA and Quantum Monte Carlo simulations to optimize portfolios, accelerate derivative pricing, and enhance fraud detection. Additionally, quantum-enhanced machine learning and blockchain integration promise superior anomaly detection and transaction security. To navigate scaling challenges, the research emphasizes the necessity of collaboration between banks, technology firms, and research institutes to balance innovation with robust risk management.
Various ways in which quantum computing may transform the financial industry are also explored in this research, and this includes its potential to deal with the problems that we are currently faced with and the opportunities that it may bring. The research starts with a general survey of the existing situation in the area of quantum computing technology which contains lowering of costs and increase in effectiveness. It proposes how quantum computing can vastly change the current performance of banking regarding fraud detection, improvements in risk management measures, and better optimization of various financial process. Additionally, the report reviews the barriers and possible risks that exist in the banking industry implementing quantum computing techniques and, thus, offers crucial points for the successful mitigation of these risks. This study’s outcomes are expected to provide banks with helpful information on how they can exploit the capacities of quantum chips to reinforce their data security strategies and assert themselves against their competitors. The research results present the findings that are practical for the strategic application of quantum computing in the banking sector, identifying an opportunity for the transformative effects of the technology to start changing the expensive and inefficient banking processes and giving rise to a safe and efficient financial environment.