4 days ago
Quantum Banking and Accounting: How AI and Quantum Tech Can Eliminate Fraud Before It Happens: By Hajrabibi Mulla
By Hajrabibi Mulla
Financial fraud has evolved into a highly sophisticated, global challenge — and both the banking and accounting sectors are under pressure to respond faster than ever before. Criminal networks use advanced digital tools to manipulate transactions, disguise suspicious activities, and exploit weaknesses in auditing processes. For the UK's financial industry, the stakes are high: the faster fraud is detected, the more trust and stability can be maintained.
Today, two powerful technologies — Artificial Intelligence (AI) and Quantum Computing — are converging to create a breakthrough approach that can transform fraud prevention in both banking and accounting.
The Fraud Challenge in Banking and Accounting
Fraudulent activity is no longer confined to a single point of attack.
In banking, fraud often happens in milliseconds — from phishing-based payment requests to large-scale money laundering.
In accounting, fraud can be hidden in complex financial statements, buried in thousands of ledger entries, or spread across multiple subsidiaries.
The result? Even advanced fraud detection systems often work after the crime has happened. What's needed now is prevention at the transaction and data-entry stage.
Quantum Computing: A Leap Forward
Quantum Computing goes beyond the limits of traditional computing by processing vast datasets in parallel.
For banking, quantum algorithms can:
Predict potential fraud before a transaction is finalised.
Simulate multiple 'what if' scenarios in real time for risk assessment.
For accounting, quantum technology can:
Reconcile cross-ledger accounts in seconds.
Handle complex, multi-entity audits that would take traditional systems days or weeks.
The Convergence — Quantum Accounting for Banking
When the data-rich world of banking meets the accuracy-driven discipline of accounting, the result is Quantum Accounting:
Every financial transaction can be analysed at the banking level and recorded with real-time integrity at the accounting level.
Regulatory compliance becomes faster and more precise, helping UK institutions meet FCA and HMRC standards without delays.
Fraud prevention shifts from reactive to proactive.
Conclusion: Preparing for a Quantum Future
The UK is well positioned to lead in adopting AI and quantum technologies for fraud prevention — but success will require strategic investment, cross-industry collaboration, and regulatory readiness.
By uniting banking's need for speed with accounting's demand for precision, Quantum Banking and Accounting offers a future where fraud is not just detected faster but stopped before it starts.
About the Author:
Hajrabibi Mulla is an MSc International Business student & researcher in Quantum Accounting at Ulster University, specialising in applying quantum computing and AI to fraud detection, banking compliance, and financial transparency. Published author on SSRN.
