Transaction security

Secure Electronic Transaction participants

• Secure Electronic Transaction participants
• A number of participants are involved in the SET process:
• Cardholder/customer: The authorized holder of the payment card (Visa or Mastercard)
• E-commerce merchant: The seller
• Card issuer: A financial organization (e.g., bank) that issues the payment card
• Acquirer: A financial organization that processes payment authorization and facilitates electronic funds transfer to the merchant's account
• Payment gateway: Interface between card payment networks and secure electronic transactions
• Certificate Authority: Trusted organization that provides public key digital certificates

The decline of Secure Electronic Transaction

• The decline of Secure Electronic Transaction
• Despite enthusiastic support for SET in the early days, support for the protocol has waned over time. Other security standards have emerged for online debit and credit card transactions for e-commerce.
• Visa and other card providers including Mastercard and American Express eventually adopted the 3-D Secure framework for securing customers' digital payments. This XML-based protocol is designed to provide additional security for online credit/debit card transactions.