ABSTRACT
Secure Electronic Transactions (SET) was a joint venture between MasterCard and Visa consisting of technical specifications and an operational organization. Each entity within the example mobile architecture uses cryptographic keys for a variety of purposes including Transport Layer Security, Secure Shell, database encryption, and mobile security. The primary SET business driver was fraudulent merchants; fraudsters posing as legitimate merchants to gather card information for subsequent card-not-present transactions or creating counterfeit cards for online or offline transactions. SET was designed to protect cardholders, acquirers, and issuers from merchant fraud, and consequently reduce cardholder fraud to the benefit of legitimate merchants, acquirers, and issuers. The SET scheme has three processing environments: the cardholder, the merchant, and the gateway. Transactions originate with the cardholder, sent to the merchant, forwarded to the gateway, and transmitted to a legacy payments network. During the development and deployment of SET, another technology developed by Netscape called Secure Socket Lay was deployed in browsers and servers.
