Quantum computing threat: RBA governor Michele Bullock worried about emerging new threat to payment system

Australia's top banker says she's worried about the threat posed to the country's payments system – and the personal data of its millions of residents – by quantum computing.

In a speech in Sydney today, RBA Governor Michele Bullock flagged that the emerging technology will, at some point in the future, render current security standards obsolete, requiring widespread updates.

"The fight against fraud and scams will no doubt require further innovation, adaptation and cooperation by the payments industry – we can be certain that fraudsters won't stand still in their efforts to steal people's data and money," Bullock told the Daily Telegraph's Bradfield Oration this morning.

"One important example is the need to protect card users against advances in quantum computing,