The goal of this project is to deploy a novel version of a fraud detection algorithm for financial transactions, using a quantum computer as part of the design. There is an estimated annual loss to financial institutions of $4 Trillion due to the false positive rate of the current conventional fraud detection algorithms. We will develop an anomaly detection algorithm using a classical computer, and off-set some computational tasks to a quantum computer, with the goal of lowering the false positive rates and computing costs of similar algorithms developed on classical computers alone. This project will allow financial institutions to comply with the anti-fraud regulations of their jurisdictions, while cutting costs, with a social benefit of delivering security to the customers of the financial institution.

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