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  1. #1
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    Secure Electronic Transaction (SET)

    Hi all

    I am in the middle of researching the many aspects of e-commerce and i have been told to look in particular to Secure Electronic Transactions (SETs).

    I may be wrong, but is this a technology that was tried many years ago but has failed to take off. Instead of which we now have the MasterCard SecureCode etc instead.

    If anyone can provide a link with information regarding this i would be greatly appreciated.

    Thanks

    Paddy

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    Never heard of SET... I'm familiar with ETF (Electronic Funds Transfer).. Is that what you're referring to?

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    It sounds like it refers to stuff like Verisign. It's the first I've seen of the acronym, I thought it has something to do with https or ssl at first but I guess it's supposed to be 'better'.
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    That seems to be the point i have concluded myself, never heard of it but i have heard all abotu SSL etc and all about the checks payment gateways introduce, such as Verified by Visa and the likes.

    I think in all honesty it has been replaced by things like Verified by Visa, MasterCard SecureCode and the likes but i kind of need an article to tell me as such.

    Here it is in on wikipedia: http://en.wikipedia.org/wiki/Secure_...ic_transaction

    Most of the articles i have seen refer to it coming into being aroudn 1999, and most of the forums/articles i ahve read are dated around that time up to 2002. This led me to believe it is an older technology that failed.

    But i have also seen some articles written in 2008 about it.

    It s making no sense to me.

  5. #5
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    Well Verisign is still around I believe so it can't be completely dead. The main flaw I see with the system is that it sounds like it's something that requires the customer to Opt in to, which most people just won't do. If it some how worked as a background function it might be more successful.
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  6. #6
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    I see what you mean, however i do think that this comment i finally found on the BBC website sums it up.

    In 1996, Visa and other credit card companies announced they were working on a system to reduce fraud called Secure Electronic Transactions (Set). But Set has proved costly and cumbersome to use and very few banks and shops have adopted it. Now, Visa and other Set developers have abandoned work on the system and are looking for alternatives. [http://news.bbc.co.uk/1/hi/business/841306.stm]
    The part where it says they have abandoned and are looking for alternatives makes me think that Verified by Visa (VbV) and MasterCards SecureCode are these alternatives.

    I have also heard snippets saying that SSL that was much easier to incorporate was also a factor for this as it was not only easier, but cheaper than SET.
    Last edited by paddy_callaghan; Aug 8, 2008 at 01:24. Reason: Adding a url to a quote.

  7. #7
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    Quote Originally Posted by paddy_callaghan View Post
    I see what you mean, however i do think that this comment i finally found on the BBC website sums it up.

    The part where it says they have abandoned and are looking for alternatives makes me think that Verified by Visa (VbV) and MasterCards SecureCode are these alternatives.

    I have also heard snippets saying that SSL that was much easier to incorporate was also a factor for this as it was not only easier, but cheaper than SET.
    Yah you're probably right, the only other thing I can add is that I've worked in e-commerce/processing for about 4 years now and am familiar with every acronym and piece of terminology used in this thread except SET. My area of expertise definitely isn't security/fraud prevention, but the fact I've never seen it come up before now makes me think it's likely no longer an actively used platform. Like you suggested it's been replaced by Verified by Visa, MasterCard SecureCode, and SSL certification.
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