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Chapter 14. Payment Acceptance and Proce... > Secure Electronic Transaction (SET)

Secure Electronic Transaction (SET)

Although Internet shopping has great potential, it will only begin to reach that potential when consumers are confident that online transactions are secure—that their credit card information can't be easily stolen by an unscrupulous hacker. There currently is no industry standard method of preventing fraud or theft of financial or personal information.

The development of Secure Electronic Transaction (SET) is leading toward a single standard for safeguarding credit card purchases over open networks such as the Internet. However, SET has run into some problems. There are still technical difficulties to be worked out, and as of late 1999, SET had not become the industry standard. Most merchants, companies, and software providers are still using SSL technology and not bothering with SET, which is harder to install and use. Still, the credit card providers are hoping that SET-based transactions will grow because they are more secure and thus reduce their costs. Thus it may be worthwhile to know more about the basics of SET transaction technology in case it gains in prominence.


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