Quantum Computing Inc. to Help Rabobank Fight Fraud with Entropy Quantum Computing

Rhea-AI Summary

Quantum Computing Inc. (QUBT) announced a collaboration with Rabobank to enhance fraud detection in payment transactions using its entropy quantum computing (EQC) technologies. This initiative aims to tackle the billions lost annually to fraudulent transactions, leveraging QCI's Dirac 1 system for improved accuracy and computation speed. QCI's EQC system is particularly poised to address sophisticated cyber threats, reinforcing Rabobank's existing fraud prevention measures. The partnership reflects a commitment to innovative solutions in the banking sector.

Positive

• Collaboration with Rabobank enhances QCI's position in the financial technology sector.
• Use of EQC technologies expected to improve fraud detection accuracy and efficiency.
• Dirac 1 system demonstrates practical applications of quantum computing in real-world scenarios.

Negative

• None.

Quantum Computing Leader Enlisted by Global Bank to Demonstrate Quantum-Enhanced Detection of Fraudulent Payment Transactions

LEESBURG, Va., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a leader in accessible full stack quantum solutions, today announced that it will work together with Rabobank, one of the world’s largest banks in its sectors, for a project to demonstrate the application of its photonic quantum information technologies, including the Dirac 1 entropy quantum computing (EQC) system, to fraud detection.

Fraudulent card transactions cost the banking industry billions of dollars annually as cybercriminals continue using increasingly sophisticated techniques to try to thwart online security measures. Forward-thinking banks are investigating advanced quantum computing technologies as a possible solution. QCI’s industry-leading EQC system and its application to machine learning processes have demonstrated the potential to improve fraud detection techniques through faster computation and increased accuracy.

Rabobank is adding QCI to its arsenal of existing fraud detection techniques and solutions because it is committed to protecting its customers against costly fraudulent transactions. QCI is a quantum computing industry leader in enabling real-world business applications, and the capabilities and availability of its EQC system make it a perfect fit for addressing today’s advanced, unseen threats.

“Payment fraud is an enormous problem for the banking industry, costing banks and consumers billions of dollars a year. We are very excited to collaborate with Rabobank in demonstrating the application of entropy quantum computing to this important problem,” said Robert Liscouski, CEO of QCI. “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, QCI’s first commercially available EQC system, solves real world business problems using quantum photonics effects. This advanced proprietary technology supports full stack quantum solutions that enable customers to run complex optimization problems on a stable, room temperature, desktop platform. The system is available through an online subscription service offered directly by QCI.

For more information about QCI and its full stack quantum solutions, visit www.quantumcomputinginc.com.

About Quantum Computing Inc.
Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company on a mission to accelerate the value of quantum computing for real-world industry applications, delivering the future of quantum computing, today. The combination of QCI’s flagship ready-to-run software product, Qatalyst with its industry-leading Entropy Quantum Computing (EQC) system, Dirac 1, provides a broadly accessible and affordable enterprise quantum solution capable of solving real business problems now. QCI’s expert team in finance, computing, security, mathematics and physics has over a century of combined experience with complex technologies; from leading edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the “Company”), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events, and as such all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” “aim to,” or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC.

Qatalyst™ and Dirac-1™ are the trademarks of Quantum Computing Inc. All other trademarks are the property of their respective owners.

Company Contact:
Robert Liscouski, CEO
Quantum Computing, Inc.
+1 (703) 436-2161
Email Contact

Investor Relations Contact:
Ron Both or Grant Stude
CMA Investor Relations
+1 (949) 432-7566
Email Contact

Media Relations Contact:
Seth Menacker
Fusion Public Relations
+1 (201) 638-7561
qci@fusionpr.com

FAQ

What is the partnership between Quantum Computing Inc. and Rabobank?

Quantum Computing Inc. is collaborating with Rabobank to demonstrate the use of its entropy quantum computing technologies for fraud detection in payment transactions.

How will Quantum Computing Inc.'s technology help Rabobank?

QCI's entropy quantum computing system aims to enhance fraud detection accuracy and efficiency, addressing the significant financial losses from fraudulent transactions.

What technology is Quantum Computing Inc. using for fraud detection?

Quantum Computing Inc. is utilizing its Dirac 1 entropy quantum computing system to improve the detection of fraudulent payment transactions.

What financial impact does payment fraud have on banks?

Payment fraud costs the banking industry billions of dollars annually, prompting banks like Rabobank to seek advanced solutions such as quantum computing.

What is the stock symbol for Quantum Computing Inc.?

The stock symbol for Quantum Computing Inc. is QUBT.