Secure Electronic Transaction (SET)

What Is Secure Electronic Transaction (SET)?

Secure electronic transaction (SET) was an early communications protocol utilized by internet business sites to secure electronic debit and credit card payments. Secure electronic transaction was utilized to work with the secure transmission of consumer card information through electronic entryways on the internet. Secure electronic transaction protocols were responsible for shutting out the personal subtleties of card information, in this way forestalling merchants, programmers, and electronic hoodlums from accessing consumer information.

Figuring out Secure Electronic Transaction (SET)

Secure electronic transaction protocols were upheld by a large portion of the major suppliers of electronic transactions, like Visa and MasterCard. These protocols permitted merchants to check their customers' card information without really seeing it, in this way protecting the customer. The information on the cards was moved straightforwardly to the credit card company for verification.

The course of secure electronic transactions utilized digital certificates that were assigned to give electronic access to funds, whether it was a credit line or bank account. Each time a purchase was made electronically, a scrambled digital certificate was created for participants in the transaction-the customer, merchant, and financial organization alongside matching digital keys that permitted them to affirm the certificates of the other party and confirm the transaction. The calculations utilized would guarantee that main a party with the relating digital key would have the option to affirm the transaction. Subsequently, a consumer's credit card or bank account information could be utilized to complete the transaction without uncovering any of their personal subtleties, for example, their account numbers. Secure electronic transactions were intended to be a form of security against account theft, hacking, and other lawbreaker activities.

History of Secure Electronic Transactions

The development of secure electronic transaction protocols were a response to the rise and growth of online business transactions, particularly consumer-driven purchases over the internet. Directing business online was another phenomenon during the 1990s. Additionally, the security available to safeguard these transactions was all the while creating and was effective in differing degrees. The protocols defined by the secure electronic transaction standards considered online payment systems to be utilized by retailers and financial institutions since they had the suitable software to appropriately decode and handle digital transactions. In 1996, the SET Consortium-a group that comprised of VISA and Mastercard in cooperation with GTE, IBM, Microsoft, Netscape, SAIC, Terisa Systems, RSA, and VeriSign-laid out the goal of joining contradictory security protocols (STT from Visa and Microsoft; SEPP from Mastercard and IBM) into a single standard.

Different standards for digital security for online debit and credit card transactions arose after the protocols defined by secure electronic transactions were presented. Visa, one of the early advocates for secure electronic transactions, ultimately adopted an alternate protocol, called three dimensional Secure, as its system for the secure digital payments and transactions of its customers. The three dimensional Secure method is an extensible markup language (XML)- based protocol intended to be an extra security layer for online credit and debit card transactions.

It was initially co-composed by Visa and Arcot Systems (presently known as CA Technologies). Comparable protocols in view of three dimensional Secure are presently utilized by Mastercard, Discover, and American Express.

Features

• Different standards for digital security for online debit and credit card transactions arose after the protocols defined by secure electronic transactions were presented during the 1990s.
• Visa was an early adopter of another standard of security protocols, called three dimensional Secure, which was at last adopted in various forms by Mastercard, Discover, and American Express.
• Secure electronic transaction was an early communications protocol that was developed in 1996 and utilized by online business sites to secure electronic debit and credit card payments.
• Secure electronic transaction protocols permitted merchants to confirm their customers' card information without really seeing it, hence protecting the customer against account theft, hacking, and other crook activities.