What are different security protocols for e-payment security schemes?
1. SSL Protocol (Secure Sockets Layer Protocol)
SSL (Secure Sockets Layer) is the standard security protocol for establishing an encrypted link between a web server and a browser. This link ensures that all data passed between the web server and browsers remain private and integral. SSL is used by millions of websites in the protection of their online transactions with their customers.
SSL or Secure Sockets Layer is a security protocol created by Netscape that has become an international standard on the Internet for exchanging sensitive information between a website and the client computer. SSL technology is embedded in all popular browsers and engages automatically when the user connects to a web server that is SSL-enabled. It’s easy to tell when a server is using SSL security because the address in the URL window of your browser will start with https. The “s” indicates a secure connection.
2. SET ( Secure Electronic Transaction Protocol)
SET was initially designed by Visa and Master Card in 1997. Secure Electronic Transaction (SET) is a standard protocol for securing credit card transactions over the Internet.
To meet the business requirements, SET incorporates the following features:
* Confidentiality of information
* Integrity of data
* Cardholder account authentication
* Merchant authentication
In SET protocol there are four entities: cardholder, merchant, CA (certificate authority)and payment gateway. A certificate authority or certification authority (CA) is an entity that issues digital certificates. The role of a payment gateway is to connect the internet and the proprietary networks of banks. Each participation entity needs its own certificate. Electronic Wallet or e-wallet or digital wallet is software used to store certificate consumer’s personal computer.
Basics of eCommerce
Ecommerce Payment Systems/ ePayment