Introduction to Secure Electronic Transaction

 Introduction to Secure Electronic Transaction

Secure Electronic Transaction (SET) is a protocol designed to secure electronic transactions over the internet. It was developed by major credit card companies including Visa and MasterCard, in collaboration with technology companies such as IBM. SET was created to ensure the security and integrity of online payment transactions, addressing concerns related to fraud and unauthorized access.


### Key Components of SET:


1. Cardholder Authentication:

   - SET provides a strong authentication process to verify the identity of the cardholder. This involves the use of digital certificates to confirm that the person making the transaction is the legitimate cardholder.


2. Merchant Authentication:

   - Similarly, merchants are authenticated to ensure that the customer is interacting with a legitimate and trusted business. Digital certificates are used to authenticate the merchant.


3. Secure Communication:

   - SET employs secure communication channels using encryption techniques. This ensures that sensitive information, such as credit card numbers, is transmitted securely between the customer, merchant, and payment gateway.


4. Digital Certificates:

   - Digital certificates are a fundamental part of SET. These certificates are issued by a trusted third party, known as a Certificate Authority (CA), and are used to verify the identities of both the cardholder and the merchant.


5. Transaction Integrity:

   - SET ensures the integrity of the transaction data. This means that the information exchanged during a transaction cannot be altered or tampered with during transmission.


6. Payment Gateway:

   - A secure payment gateway is used to process the actual financial transaction. This is the intermediary between the merchant and the financial institution that issues the credit card.



### Benefits of SET:


- Enhanced Security:

  SET significantly enhances the security of online transactions by using strong authentication and encryption mechanisms.


- Reduced Fraud:

  The use of digital certificates and secure communication channels reduces the risk of fraud and unauthorized access.


- Privacy Protection:

  SET protects the privacy of customer information by ensuring that data is transmitted securely and that transaction details are kept confidential.


- Global Standard:

  SET has been developed as an international standard, providing a consistent and reliable framework for secure electronic transactions globally.

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