CompoSecure presents its Arculus ™ business solution, for a secure, simple and secure multi-factor authentication technology
Ecommerce is a top use case for Arculus, as global retail sales are expected to reach $ 4.9 trillion this year. Arculus Multi-Factor Identity Authentication can significantly stem the tide of payment fraud that occurs every year, which is expected to cost merchants $ 40.62 billion in losses by 2027. LAS VEGAS, 25 October 2021â (BUSINESS WIRE) âCompoSecure, LLC (âCompoSecureâ), a leading provider of premium financial payment cards and an emerging provider of cryptocurrency storage and security solutions, today launched hui its new ArculusTM business solution, enabling businesses and their customers to protect customer data and reduce online fraud and hacking. B2B technology will debut at Money 20/20 in Las Vegas October 24-27 at booth # 5418. In collaboration with Nok Nok â¢ Labs, Inc., a pioneer and leader in passwordless authentication, CompoSecure has developed this FIDO Â© compatible âInternet ID and payment cardâ technology as a virtual key for authentication. a user in almost any digital service (e.g. website, mobile app, digital payment, social media, etc.).
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âEvery business that has a digital customer interaction would benefit from a strong customer identification and authentication platform like Arculus – that will just be the cost of doing business in the future,â said Jon Wilk, CEO of CompoSecure, which previously announced its proposed merger with Roman DBDR Tech Acquisition Corp. (NASDAQ: DBDR), a special purpose acquisition company. âImagine a world in the not-so-distant future where businesses can verify that purchases have been made by the authorized user using a personalized, universal digital identity. Arculus is the first step towards this vision that can reduce chargebacks for merchants, identity theft for customers and online hacking.
Protection and authentication of digital identity
Any business with a digital footprint can benefit from Arculus technology. Whether it’s verifying a user’s identity or protecting customer data, Arculus can improve an organization’s security, privacy and user experience. Arculus plans to integrate its digital security technology seamlessly into a company’s legacy payment platform, providing strong key-based security. Arculus expects to provide additional security across a wide range of industries. Here are some examples:
Identity Protection – Identity theft cases cost $ 502.5 billion in 2019, rose 42% to $ 712.4 billion in 2020, and are expected to increase further this year to 721.3 billions of dollars. The ability to provide identity protection is at the heart of the next generation of digital interactions with consumers. Arculus can be used to provide personalized and customizable âverifiable claimsâ, where the user’s identity is validated to reduce fraud.
Payments – Arculus authentication provides additional security for contactless payments and âcardlessâ online transactions. This technology is expected to reduce chargebacks and fraudulent use for merchants and provide increased security and ease of use for consumers. The addition of Arculus capabilities should make it easier for businesses to onboard new customers, eliminate the annoying text code confirmation process, and provide a better customer experience at checkout.
eGaming – Arculus aims to provide much-needed security relief to 2.9 billion eGamers globally, as the $ 175 billion gaming industry has seen a 393% increase in fraud globally. Arculus expects not only to protect but also improve online payment ecosystems and may add cryptocurrencies as a payment alternative as well.
Online banking – More and more consumers are banking digitally and need both convenience and protection. The âInternet ID and Payment Cardâ provides strong identifying information for secure transactions that can be integrated into other identity verification systems, such as mobile banking applications using FIDO.
Online Gaming – Online gaming providers will have the option to add Arculus Multi-Factor Authentication to streamline security without compromising ease of use for higher value betting and transactions while reducing fraud.
A new white label cryptocurrency cold storage solution
In September 2021, the first Arculus technological solution was launched with the Arculus KeyTM card, a cryptocurrency cold storage solution that connects to the Arculus WalletTM mobile app via an encrypted NFC connection. This solution offers intuitive controls, advanced security protection, and the ability to manage multiple cryptocurrency wallets in one easy-to-use mobile app.
Now, businesses can offer a white label version of this non-custodial key management wallet that offers the same security, privacy and ease of use as the Arculus Key card and mobile Wallet app. Cryptocurrency exchanges, financial institutions, and other fintechs can add their own brand to the platform, providing customers with secure storage of their cryptocurrency in the Arculus powered wallet.
Arculus and its software development kit (SDK) will integrate directly with custodian (the exchange stores a user’s keys) and non-custodian (keys are held privately by the cryptocurrency exchange) platforms. ‘user). Custody platforms can expect maximum protection from FIDO authentication with passwordless login. For non-custodial exchange platforms, Arculus can deliver the full power of its key signing capability.
CompoSecure will provide demonstrations of the Arculus technology platform for businesses at Money 20/20 at the Venetian Resort in Las Vegas at booth # 5418 and showcase the capabilities of the Arculus Key card in a product projector at the event. For more information, please visit: www.getarculus.com/business-solutions/
About CompoSecure and Arculus
On April 19, 2021, CompoSecure announced that it had signed a merger agreement with Roman DBDR Tech Acquisition Corp. (NASDAQ: DBDR). Upon closing of the proposed merger, the combined company will operate as CompoSecure, Inc. and expects to trade on the Nasdaq stock market. The transaction reflects a pro forma enterprise value for the combined company of approximately $ 1.2 billion. The transaction is expected to close in the fourth quarter of 2021 and remains subject to approval by Roman DBDR shareholders and other customary closing conditions.
About Roman DBDR Tech Acquisition Corp.
Founded in 2000, CompoSecure is a pioneer and category leader in premium payment cards and an emerging provider of cryptocurrency and digital asset storage and security solutions. The company is focused on serving affluent customers of payment card issuers around the world using proprietary production methods that meet the highest quality and safety standards. The company offers exclusive secure, innovative and sustainable products that implement cutting-edge engineering and safety capabilities. CompoSecure’s mission is to increase customers’ brand value in the marketplace by offering products and solutions that differentiate the brands they represent, thereby enhancing the cardholder experience. For more information, please visit www.composecure.com. ArculusTM was created with the mission of promoting the adoption of cryptocurrency by making it safe, simple and secure for the average person to buy, exchange, send and receive cryptocurrency. With a strong background in security hardware and financial payments, the ArculusTM solution was developed to enable people to use a familiar payment card form factor to manage their cryptocurrency. For more information, please visit www.GetArculus.com.
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