Working with Nok Nok Labs, CompoSecure has developed this FIDO-enabled ‘internet ID and payment card’ technology as a virtual key for the authentication of a user into almost any digital service (website, mobile app, digital payment, social media, etc.).
Ecommerce is a primary use case for Arculus, as global retail sales are expected to reach USD 4.9 trillion this year, according to the press release. The Arculus multi-factor identity authentication can stem the flood of payment fraud that happens every year, which is estimated to cost merchants USD 40.62 billion in losses by 2027, according to data put forth by the company in the press release.
Arculus expects to integrate its digital security technology into a business’ legacy payment platform, providing key-based security.