Category leaders create an innovative solution to protect consumers and enable merchants to fight online fraud with a breakthrough “internet ID and payment card”
CompoSecure Holdings, L.L.C., a leading provider of premium financial payment cards and emergent provider of cryptocurrency storage and security solutions, and Nok Nok Labs, Inc., a pioneer and leader in passwordless authentication, announced a strategic collaboration to develop a FIDO extended solution, expanding the protections for consumers of CompoSecure’s Arculus platform. The innovative, combined technology platform is expected to enable banks, fintechs and financial services companies to put in the hands of every user a simple-to-use, personalized and universal “digital identity”.
CompoSecure and @NokNokLabs partner to deliver advanced security and authentication across platforms with a best-in-class user experience.
Currently in beta testing, Arculus was created with the vision to promote cryptocurrency adoption by making it safe, simple and secure for the average person to buy, sell and swap cryptocurrency. The Nok Nok solution leverages global industry standards that promote strong and easy-to-use authentication. Members of this industry alliance that support these authentication standards include Amazon.com, Apple, American Express, BBVA, Facebook, Google, Intel, Intuit, MasterCard, PayPal, Verizon, T-Mobile, Visa, and many more.
Nok Nok will collaborate with CompoSecure to increase the security, privacy and cardholder experience associated with both companies’ current financial market and cryptocurrency customers. These additional platform capabilities will set the stage for CompoSecure to offer a breakthrough “Internet ID and payment card” that can be used as a virtual ignition key for the authentication of a user into any digital service on any device. A practical use case for a consumer is turning the payment or credit card in your wallet into a digitally transformed eCard and eWallet for digital transactions. The benefits are better usability and security for the consumer, and better fraud protection and cost control for the merchant.
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“More and more people are transacting online because they are convenience-focused and their adoption of digital banking highlights their comfort with digital tools,” said Adam Lowe, Chief Innovation Officer of CompoSecure. “This new technology platform will ensure that you, and only you, are authorized to make a transaction with CompoSecure’s metal cards, with a simple and secure action, such as swiping a finger, entering a PIN and tapping your card to your phone for an NFC-encrypted transaction.”
“We see this collaboration with CompoSecure as a game-changer for Nok Nok, bringing our vision of greater security and a better user experience to every consumer around the world,” said Phillip Dunkelberger, CEO of Nok Nok. “While securing payments will be a key focus, we will work with CompoSecure in other key areas such as eGaming, cryptocurrency exchanges, e-passports and more. From daily use as a credit card to connecting securely to a variety of e-commerce transactions, consumers will have a trusted method for online and offline activities.”
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Other common use cases include:
- Payments – Strong authentication provides added security to touchless payments and online “card-not-present” transactions. This reduces chargebacks and fraudulent use for merchants, and provides better security and ease of use for consumers. Added capabilities include making it significantly easier to onboard new customers and providing a better method to use websites for current customers.
- Online Banking – More and more consumers are transacting digitally and need both convenience and protection. The “internet ID and payment card” serves as a strong credential for secure transactions that can be embedded into other identity verification systems.
- Cryptocurrency – The Nok Nok solution will integrate with CompoSecure’s Arculus KeyTM card, an air-gapped storage solution that connects to the Arculus WalletTM mobile app via an encrypted NFC connection. This provides intuitive controls, advanced security protection and the ability to manage multiple cryptocurrency wallets in one device.
- eGaming – This solution enables eGaming companies to enhance security and usability to their payment ecosystems and add cryptocurrencies as a payment alternative.
- Online Gambling – Internet gambling providers will have the ability to add multi-factor authentication for streamlined security without compromising ease of use for higher value bets and transactions while greatly reducing fraud.
- Identity – The ability to provide identity is central to the next generation of capabilities on the internet. This card can be used to provide personalized and customizable “verifiable claims” where user identity is critical to validate entitlements.
“The ability to have a single card to transact as a credit card and a universal authenticator, all contained in a well-designed secure metal container, takes universal ID to the next level,” said Ignacio Bernal, former Global CTO at BBVA, a multinational financial services company. “The ability to link these dynamically provides a global identity, which fuels a whole new set of applications and capabilities in the market. CompoSecure and Nok Nok Labs have the right solution at the right time to transform how we conduct our business securely over the internet. It’s clear that the time has come for consumers to have access to a master digital identity that not only rids their lives of passwords but also opens their world to an easier approach to digital transactions.”
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