Government invests £121M in quantum tech to combat fraud and money laundering

The UK government has announced a £121 million investment in quantum technology to tackle key national challenges, including crime prevention, fraud detection, and money laundering. Unveiled on World Quantum Day, the funding is part of the UK’s National Quantum Technologies Programme and supports the country's wider ambitions to bring quantum innovation from the lab into real-world application.

Quantum computing and sensing offer unique advantages in processing complex data and identifying patterns invisible to conventional systems - capabilities now being explored to curb the £2.6 billion annual cost of fraud in the UK. Government-backed initiatives, such as the National Quantum Computing Centre (NQCC), are partnering with private sector leaders like HSBC to pilot quantum approaches to financial crime detection.

Science and Technology Secretary Peter Kyle underscored the strategic intent: “Quantum - manipulating the universe at its smallest scale - has the potential to save millions, create thousands of jobs, and protect our bank accounts from fraud. This is a core part of our Plan for Change.”

This latest commitment builds on the AI Opportunities Action Plan, reinforcing the government’s broader mission to harness transformative technologies for economic resilience and public good.