Secure Electronic Transaction (1)
SET is a messaging protocol specifically designed by Master Card, Visa, and others to secure bank-card payment transactions over open networks
- Not ready yet for most consumers; not widely deployed
- SET models all the players involved in card payments, the trust relationships between them, legal meaning of digital signatures
- SET provides cryptographic identity authentication of every entity involved in a transaction (multiparty security)
- SET uses message not channel encryption
- With SET every cardholder is issued a digital signature. This, plus the software that talks SET protocol, compose a SET electronic wallet