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secure electronic transaction (security) (SET)

Secure Electronic Transaction (SET) is an electronic payment system based on digitalsignatures and therefore offers the highest possible security for customers and suppliers.

The SET payment system was developed by the credit card companies MasterCard and VISA in cooperation with IBM, Netscape and Microsoft to protect transfer data when credit card payments are made on the Internet. The process uses digital certificates to encrypt sensitive data before it is transferred. The SET payment processl, evolved from the Secure Electronic Payment Protocol( SEPP) and Secure Transaction Technology( STT), encrypts at 128 bits and identifies all parties involved through certificates and digital signatures. These include the cardholder, the credit card company, the bank and the provider.

In the SET process, the cardholder registers with their bank, providing their name, card number and the account to be charged. The bank encrypts this information and transmits it via a secure connection to the credit card company. The company sends the cardholder the software with integrated certificate and a digital signature encrypted using the RSA method. This allows the cardholder to shop at all companies that also have a secured certificate from the credit card company.

The procedure meets the highest security requirements and prevents unauthorized persons from gaining access to credit card or customer data. The procedure is increasingly being supported by banks.

Informations:
Englisch: secure electronic transaction (security) - SET
Updated at: 14.01.2022
#Words: 216
Links: electronic payment (ePayment), system, security, data, Internet
Translations: DE
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