{"id":23712,"date":"2013-05-14T11:53:42","date_gmt":"2013-05-14T06:23:42","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=23712"},"modified":"2024-04-12T14:17:27","modified_gmt":"2024-04-12T08:47:27","slug":"secure-electronic-transaction-set","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/secure-electronic-transaction-set\/","title":{"rendered":"Secure Electronic Transaction (SET)"},"content":{"rendered":"

Certify and Increase Opportunity.<\/span>
\nBe <\/span>
\nGovt. Certified E-Commerce Professional
\n<\/span><\/a><\/p>\n

Secure Electronic Transaction (SET)<\/p>\n

MasterCard, Visa, and several other companies developed the Secure Electronic Transaction or the SET protocol which specifically handle electronic payments. SET version 1.0 was released in May 1997. Fraud prevention is the prime reason for the development of SET. SET employs cryptography technique similar to SSL though, using a combination of the DES secret key and RSA public key schemes. SET uses two public\/private key pairs i.e. one for key exchange and another for digital signatures.<\/p>\n

In SET, message data is encrypted using a randomly generated key that is further encrypted using the recipient’s public key which is called the “digital envelope” of the message and is sent to the recipient with the encrypted message. The recipient decrypts the digital envelope using a private key and then uses the symmetric key to unlock the original message.<\/p>\n

SET Working<\/strong><\/p>\n

Digital certificates, which are also called electronic credentials or digital IDs, are digital documents attesting to the binding of a public key to an individual or entity.\u00a0 Both cardholders and merchants must register with a certificate authority (CA) before any transactions. The cardholder obtains electronic credentials to prove trustworthiness. The merchant similarly registers and obtains credentials. These credentials do not contain sensitive details such as credit card numbers.\u00a0 Later, when the customer wants to make purchases, he and the merchant exchange their credentials.\u00a0 If both parties are satisfied then they can proceed with the transaction.\u00a0 Credentials must be renewed every few years, and presumably are not available to known fraudsters.<\/p>\n

Both cardholders and merchants must register with CA (certificate authority) first, before they can buy or sell on the Internet. Once registration is done, cardholder and merchant can start to do transactions, which involve following steps<\/p>\n