Compact Ultramassive Antenna Array (CUMA) is a pioneering paradigm that leverages the flexibility of the Fluid Antenna System (FAS) to enable a simple multiple access scheme for massive connectivity without the need for precoding, power control at the base station or interference mitigation in each user's equipment. In order to overcome the mathematical intricacy required to analyze their performance, we use an asymptotic matching approach to relax such complexity with a remarkable accuracy. First, we analyze the performance of the CUMA network in terms of the outage probability (OP) and the ergodic rate (ER), deriving simple and highly accurate closed-form approximations to the channel statistics. Then, we evaluate the potential of the CUMA scheme to provide secure multi-user communications from a physical layer security perspective. Leveraging a tight approximation to the signal-to-interference-ratio (SIR) distribution, we derive closed-form expressions for the secrecy outage probability (SOP). We observe that the baseline CUMA (without side information processing) exhibits limited performance when eavesdroppers are equipped with a CUMA of the same type. To improve their secure performance, we suggest that a simple imperfect interference cancellation mechanism at the legitimate receiver may substantially increase the secrecy performance. Monte Carlo simulations validate our approximations and demonstrate their accuracy under different CUMA-based scenarios.