What are the features of secure electronic transaction?

What are the features of secure electronic transaction?

Key features

  • Confidentiality of information.
  • Integrity of data.
  • Cardholder account authentication.
  • Merchant authentication.

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.

What is secure electronic transaction and how it works?

Secure Electronic Transaction is an open-source encryption and security specification designed to protect credit card transactions on the internet. SET provides a secure environment for all the parties that are involved in the e-commerce transaction. It also ensures confidentiality.

How does the user verify the order details in a secure electronic transaction?

The cardholder verifies the merchant and gateway certificates by means of their respective CA signatures and then creates the order information (OI) and payment information (PI). The transaction ID assigned by the merchant is placed in both the OI and PI.

What are the objectives of secure electronic transaction?

Secure electronic transaction protocols allowed merchants to verify their customers’ card information without actually seeing it, thus protecting the customer against account theft, hacking, and other criminal actions.

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.

What are the different types of security methods you would develop to secure electronic transactions?

Table of Contents

  • IP security (IPSec)
  • IPSec Architecture.
  • Difference between IPSec and SSL.
  • Difference between Secure Socket Layer (SSL) and Transport Layer Security (TLS)
  • Secure Socket Layer (SSL)
  • Transport Layer Security (TLS)
  • Secure Electronic Transaction (SET) Protocol.
  • Intrusion Detection System (IDS)

How do you secure transactions?

Here are seven tips for safe online transactions.

  1. Use advanced anti-malware program.
  2. Watch out for security vulnerabilities in your PC.
  3. Make sure you are using a secure connection.
  4. Deal with reputed websites only.
  5. Use credit cards for online shopping.
  6. Do not use public computers.
  7. Set a strong and complex password.

What do you mean by electronic transaction?

What are the types of electronic transaction?

The different types of e-commerce payments in use today are:

  • Credit Card. The most popular form of payment for e-commerce transactions is through credit cards.
  • Debit Card. Debit cards are the second largest e-commerce payment medium in India.
  • Smart Card.
  • E-Wallet.
  • Netbanking.
  • Mobile Payment.
  • Amazon Pay.

What are the fundamental specifications for electronic payment systems?

In general, however, electronic payment systems must exhibit integrity, authorization, confidentiality, availability, and reliability. A payment system with integrity allows no money to be taken from a user without explicit authorization by that user.

What is a Secure Electronic Transaction (SET)?

Remember that a secure electronic transaction is not a payment system; it is a set of security protocols and format that ensures that using online payment transaction on the internet is secure. Secure Electronic Transaction is also called SET.

What is Secure Transaction Technology (STT)?

It uses different encryption and hashing techniques to secure payments over the internet done through credit cards. The SET protocol was supported in development by major organizations like Visa, Mastercard, Microsoft which provided its Secure Transaction Technology (STT), and Netscape which provided the technology of Secure Socket Layer (SSL).

Why do we need secure electronic transaction protocols?

The development of secure electronic transaction protocols were a response to the emergence and growth of e-commerce transactions, especially consumer-driven purchases over the Internet. Conducting business online was a new phenomenon in the mid-1990s.

Who is Jake Frankenfield and what is Secure Electronic Transaction (SET)?

Jake Frankenfield is an experienced writer on a wide range of business news topics and his work has been featured on Investopedia and The New York Times among others. What Is Secure Electronic Transaction (SET)?