Secure Payment

While SSL and S-HTTP provide some levels of security to protect the consumer, these technologies are not without their problems. In an effort to overcome these shortcomings, a new system called SET has been developed.

SET (Secure Electronic Transaction)

SET is a system for ensuring the security of financial transactions on the Internet. It was supported initially by MasterCard, Visa, Microsoft, Netscape, IBM and others. SET uses a system of lock and keys along with certified account IDs for both consumers and merchants (An organisation who sells goods on the Internet). This eliminates the fear that user may have about the validity of the site, since it can simply be a bogus page set up by an Internet thief and protects users. Through a unique process of “encrypting” or scrambling the information exchanged between the shopper and the online store, SET ensures a payment process that is convenient, private and most of all secure.

SET establishes industry standards that keep consumer order and payment information confidential. It increases integrity for all data transmitted through its unique encryption system. Set is able to provide authentication that the cardholder is the legitimate user of the card account. Also, SET is able to authenticate that the Internet merchant can accept branded card transactions through its relationship with a third-party financial institution. Finally, SET allows the use of the best security practices and system design techniques that will protect all legitimate parties in an e-commerce transaction.

source: ecommercetechnology.org