Secure Electronic Transactions
Secure Electronic Transactions definition
Secure Electronic Transactions (SET) is a protocol that ensures safe online transactions and safeguards sensitive information. For instance, it protects credit card numbers during electronic payment processes. SET combines encryption, digital certificates, and digital signatures to establish a secure environment for online payments.
SET incorporates security features such as confidentiality, integrity, authentication, and non-repudiation. Employing encryption and digital signatures, it ensures the protection of sensitive data during transmission.
The key components of Secure Electronic Transactions
- Merchant server. The online merchant’s server facilitates communication between the customer and the payment gateway for the transaction.
- Payment gateway. It securely transmits payment information as an intermediary between the customer’s bank and the merchant.
- Certification authority (CA). The CA issues digital certificates to verify the identities of the entities involved (customer, merchant, payment gateway).
- Cardholder wallet. The digital wallet securely stores the customer’s payment card information.