Secure Electronic Transaction (SET) is a security protocol that has played a crucial role in the evolution of secure and reliable transactions in the field of e-commerce. Conceived by Visa and MasterCard in collaboration with various technology companies, SET stands as a response to the growing concerns about security associated with online transactions, especially in the exchange of sensitive financial information.
The strength of SET lies in its use of advanced encryption techniques, working together to protect the integrity and confidentiality of data during electronic transactions. Its modus operandi is realized through the establishment of a secure channel between the customer, the merchant, and the issuing bank. To authenticate the involved parties, SET uses digital certificates and electronic signatures, ensuring the legitimacy and security of the transaction.
Focused on mitigating the risk of fraud, SET has become a stronghold to ensure that transactions take place securely, providing users with the necessary confidence to make online purchases. Although initially promoted as a standard for secure transactions in e-commerce, its adoption has been limited. Other security approaches, such as Secure Sockets Layer (SSL) and Transport Layer Security (TLS), have gained more prevalence in the web development industry.
Despite this changing landscape, SET remains a significant milestone in the evolution of security measures in the world of e-commerce. Its contribution endures as a testimony to the joint efforts of the financial and technology industries to create safer and more reliable online transaction environments.
The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.