Coinciding with World Quantum Day (April 14th) and supporting the UK government’s wider Plan for Change, this investment will help bring powerful quantum solutions out of the lab and into real-world applications, driving innovation across sectors such as cybersecurity, health care and notably, crime and fraud prevention.

The funding forms part of the UK’s National Quantum Technologies Programme and supports the delivery of the country’s ambitious National Quantum Missions, with the goal to get quantum technologies out of the lab and onto the marketplace.

Financial crimes and fraud cost the UK economy £2.6 billion annually and banks such as HSBC are working with the government-backed National Quantum Computing Centre (NQCC) to explore how quantum computing can detect subtle patterns in complex data to identify signs of financial crime like money laundering.

John Lucey, VP EMEA at Cellebrite, said: “The UK Government’s £121 million investment in technology to support crime prevention marks a significant step forward in equipping law enforcement with advanced tools to combat sophisticated financial crimes. With estimates indicating that over £100 billion is laundered through the UK annually and fraud costing the UK economy £2.6 billion each year, the integration of cutting-edge technology is essential to protect the nation’s financial integrity.

“At Cellebrite, we’ve witnessed firsthand how sophisticated technology can expedite investigations and bring criminals to justice. As an example, our technology has played a pivotal role in cases of fraud, including stolen Social Security numbers, insurance fraud and scams related to pandemic relief programs like the Paycheck Protection Program and unemployment benefits.

“Digital tools can have a transformative impact in modern policing. As criminals increasingly leverage technology to perpetrate fraud and launder money, it’s imperative that public safety agencies are equipped with the resources and training to stay ahead. This is why investments such as this by the UK government are so pivotal.”

Today’s investment will support cutting-edge research at facilities like the NQCC, helping protect consumers, support high-skill jobs, and strengthen the UK’s position as a global quantum leader.

Peter Kyle commented: “Quantum – manipulating the universe at its smallest scale – has the potential to save millions for our economy, create thousands of jobs and improve businesses across the country – stopping fraudsters in their tracks, protecting our bank accounts and more.

“The UK is home to the second largest community of quantum businesses in the world and this investment means they can go further paving the way for new quantum tools and products that make our lives easier, fuel growth, and help us tackle the great challenges of our era.”

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