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Secure Electronic Transaction

SET is a standard protocol developed in the 1990s for securing credit card transactions over the internet. It relies on digital certificates, strong encryption, and often uses SSL to authenticate parties and protect sensitive information exchanged during transactions. The SET protocol defines specific steps for a secure transaction, including the exchange of certificates and creation of an encrypted channel. While SET aimed to provide end-to-end security for online credit card transactions, it did not achieve widespread adoption due to the rise of alternative secure technologies and payment methods.

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148 views2 pages

Secure Electronic Transaction

SET is a standard protocol developed in the 1990s for securing credit card transactions over the internet. It relies on digital certificates, strong encryption, and often uses SSL to authenticate parties and protect sensitive information exchanged during transactions. The SET protocol defines specific steps for a secure transaction, including the exchange of certificates and creation of an encrypted channel. While SET aimed to provide end-to-end security for online credit card transactions, it did not achieve widespread adoption due to the rise of alternative secure technologies and payment methods.

Uploaded by

Anjali
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Secure Electronic Transaction (SET) is a standard protocol for securing credit card

transactions over the internet. It was developed in the 1990s by a consortium of major
credit card companies, including Visa and MasterCard, in collaboration with technology
companies like IBM. SET was designed to provide a secure and standardized method for
conducting online transactions, ensuring the confidentiality and integrity of sensitive
information.

Here are the key features and components of SET:

1. Digital Certificates:
 SET relies on digital certificates to authenticate the parties involved in a
transaction. These certificates are issued by trusted Certification Authorities (CAs)
and are used to verify the identity of the merchant and the cardholder.
2. Encryption:
 SET employs strong encryption techniques to protect the confidentiality of the
information exchanged during a transaction. This includes the credit card
number, personal information, and other sensitive data.
3. Secure Socket Layer (SSL):
 SET often uses SSL as an additional layer of security. SSL provides a secure
channel for data transmission between the customer's browser and the
merchant's server.
4. Transaction Process:
 The SET protocol defines a specific sequence of steps for a secure transaction.
This involves the exchange of digital certificates, verification of the merchant's
authenticity, and the creation of a secure channel for transmitting payment
information.
5. Payment Gateway:
 SET transactions typically involve a payment gateway, which is responsible for
processing the payment. The payment gateway communicates with the
merchant's system, the customer's browser, and the financial institution to
facilitate a secure transaction.
6. End-to-End Security:
 SET aims to provide end-to-end security, ensuring that the transaction is secure
at every stage, from the moment the customer initiates the purchase to the final
authorization by the financial institution.

While SET was initially developed to address security concerns related to online credit
card transactions, it did not achieve widespread adoption. The adoption of alternative
technologies, such as Secure Sockets Layer (SSL) and Transport Layer Security (TLS),
along with advancements in other secure payment methods, led to the decline of SET.
Today, secure online transactions are often facilitated through a combination of
encryption, secure communication protocols, and secure payment gateways.
Technologies like 3D Secure (Verified by Visa and MasterCard SecureCode) provide an
additional layer of authentication for online credit card transactions.

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