How do you secure electronic transactions?

How do you secure electronic transactions?

Secure Electronic Transaction works as follows:

1. Step 1: Customer Open an Account.
2. Step 2: Customer Receive a Certificate.
3. Step 3: Merchant Receives a Certificate.
4. Step 4: Customer Place an Order.
5. Step 5: Merchant is Verified.
6. Step 6: The Order and Payment Details Are Sent.
7. Step 7: Merchant Requests Payment Authorization.

What are the business requirements for secure electronic transaction?

Requirements in SET :

• It has to provide mutual authentication i.e., customer (or cardholder) authentication by confirming if the customer is an intended user or not, and merchant authentication.
• It has to keep the PI (Payment Information) and OI (Order Information) confidential by appropriate encryptions.

Is set protocol a failure?

SET was not itself a payment system, but rather a set of security protocols and formats that enabled users to employ the existing credit card payment infrastructure on an open network in a secure fashion. However, it failed to gain attraction in the market.

What is secure electronic transaction and how it can be achieved?

Secure electronic transaction (SET) was an early communications protocol used by e-commerce websites to secure electronic debit and credit card payments. Secure electronic transaction was used to facilitate the secure transmission of consumer card information via electronic portals on the internet.

What is the difference between SSL and set?

According to Hassler (2000), Secure Socket Layer (SSL) and Secure Electronic Transaction (SET) are the two main industry standard means for securing Internet e-commerce communications. Currently, SSL is almost always used in preference to SET for Internet e-commerce security.

How online transactions are secured using encryption?

SSL for secure connections All your transactions should be secured with the SSL protocol. Using SSL helps encrypt the information, so that card details and all other sensitive data are protected. Not only does it improve payment security, but it also makes customers more willing to buy.

Who are set participants?

SET involves interaction among credit card holders, merchants, issuing banks, payment processing organizations, and public-key certificate authorities. SET is a complex specification defined in three “books” issued in May 1997, and running to nearly 1,000 pages.

What happens to your data when it is encrypted?

What happens to your data when it is encrypted? It is transferred to a third party, encoded, then sent back. It is compressed, renamed, and archived. It is sent through a series of supercomputers to be compressed multiple times.

What do SSL and set mean to your e commerce business?

In other words, SSL is a digital certificate that establishes trust between entities. SSL tends to be used to secure data in emails, web browsers, internet faxing, instant messaging and VoIP.

What is SSL and set in e commerce?

How do you know if a payment site is secure?

Look at the URL of the website. If it begins with “https” instead of “http,” it means the site is secured using an TLS/SSL certificate (the s in https stands for secure). TLS certificates secure all of your data as it is passed from your browser to the website’s server.

Is online payment through e transaction safe?

Online transactions from any reputable vendor are also protected by SSL certificates (to protect data in transit), firewalls, and regular systems scans. Furthermore, consumers are empowered to add extra security layers to online transactions.

What is Secure Electronic Transaction (SET)?

What Is Secure Electronic Transaction (SET)? Secure electronic transaction (SET) was an early communications protocol used by e-commerce websites to secure electronic debit and credit card payments. Secure electronic transaction was used to facilitate the secure transmission of consumer card information via electronic portals on the internet.

What is Secure Transaction Technology (STT)?

It uses different encryption and hashing techniques to secure payments over the internet done through credit cards. The SET protocol was supported in development by major organizations like Visa, Mastercard, Microsoft which provided its Secure Transaction Technology (STT), and Netscape which provided the technology of Secure Socket Layer (SSL).

Why do we need secure electronic transaction protocols?

The development of secure electronic transaction protocols were a response to the emergence and growth of e-commerce transactions, especially consumer-driven purchases over the internet. Conducting business online was a new phenomenon in the mid-1990s.

What are the different scenarios of electronic transactions?

Before discussing SET further, let’s see a general scenario of electronic transactions, which includes client, payment gateway, client financial institution, merchant, and merchant financial institution.