What are the components of secure electronic transaction?

How do you secure electronic transactions?

Secure Electronic Transaction works as follows:

  1. Step 1: Customer Open an Account. …
  2. Step 2: Customer Receive a Certificate. …
  3. Step 3: Merchant Receives a Certificate. …
  4. Step 4: Customer Place an Order. …
  5. Step 5: Merchant is Verified. …
  6. Step 6: The Order and Payment Details Are Sent. …
  7. Step 7: Merchant Requests Payment Authorization.

What is secure transaction technology?

Secure Electronic Transaction (SET) is a system and electronic protocol to ensure the integrity and security of transactions conducted over the internet. E-commerce websites implemented this early protocol to secure electronic payments made via debit and credit cards.

Who are set participants?

SET involves interaction among credit card holders, merchants, issuing banks, payment processing organizations, and public-key certificate authorities. SET is a complex specification defined in three “books” issued in May 1997, and running to nearly 1,000 pages.

What is Secure Socket Layer in e-commerce?

Secure sockets layer is a computer networking protocol that supervises server identification and authentication. It also manages client authentication and encrypted communication between servers and clients.

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What is advantages of security electronic transaction?

security for electronic payments; it also bans credit card fraud. ❖ SET retains online merchant credibility. cardholder’s card number can never be stolen in SET protocol.

What is an electronic transaction?

An electronic transaction is the sale or purchase of goods or services, whether between businesses, households, individuals, governments, and other public or private organisations, conducted over computer-mediated networks.

How does Sepp and SETP provide security to e-commerce transactions?

MasterCard and Netscape have supported Secure Electronic Payment Protocol (SEPP) which is one of the methods for securing transactions. … It uses cryptography in order to secure confidential transfer of information, payment information integrity and authenticate both the cardholders and the merchants.

Which one of the protocol is most complex part in secure Socket Layer?

The most complex part of SSL is the Handshake Protocol. Authenticate each other. Negotiate an encryption and MAC algorithm. Negotiate the secret key to be used.

What protocol is used for e-commerce and banking?

The Transport Layer Security (TLS) protocol is used by millions of people on a daily basis. It provides security for online banking, as well as for credit card data when shopping on the Internet. In addition, many email systems in the workplace use it, as well as a number of big companies including Facebook and Google.

What is E cash or digital cash?

Digital cash is a system of purchasing cash credits in relatively small amounts, storing the credits in your computer, and then spending them when making electronic purchases over the Internet. … There are several commercial approaches to digital cash on the Web. Among these are eCash from DigiCash and Cybercash.

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How does set protocol work?

The SET protocol like any other protocol operates via a sequence of message exhanges. There is a total of ten steps (message exhanges) taken for a transaction, and the parties involved include the consumer, vendor, and a network of banks. … They then exchange certificates and establish a transaction ID number.

What is secure socket?

Definition: Secure Sockets Layer (SSL) is a protocol developed by Netscape for establishing an encrypted link between a web server and a browser. SSL is an industry standard which transmits private data securely over the Internet by encrypting it.

How secure socket layer is useful in electronic transactions?

Secure Sockets Layer (SSL) technology protects transactions between your Web site and visitors. The protocol uses a third party, a Certificate Authority (CA), to identify one end or both end of the transactions. … Once secure transaction is initiated. The web server sends its public key with its certificate.

How secure is SSL encryption?

The SSL/TLS protocol is very secure; otherwise, it wouldn’t be the only viable solution to sensitive data protection. It’s been tested and improved across two decades. Today, more than half of the entire Web is already encrypted, and the trend is only accelerating to almost full-scale encryption.