What is Secure Electronic Transaction in SAP BC-SEC - Security?

SAP Term: Secure Electronic Transaction

• Component: BC-SEC

• Component Name: Security

• Description: An open industry standard protocol developed for the secure transmission of payment information over the Internet and other electronic networks. The Secure Electronic Transaction SET protocol uses public-key technology to provide confidentiality of information, ensure payment integrity, and provide identity authentication.

Smart SAP Assistant

• Key Concepts: 
  Secure Electronic Transaction (SET) is a protocol developed by Visa and MasterCard to ensure secure credit card transactions over the internet. It is a component of the BC-SEC Security module in SAP, which provides a secure environment for online transactions. SET uses encryption and digital signatures to protect the data exchanged between the customer and the merchant. 
  
  How to use it: 
  In order to use SET, customers must have a SET-enabled credit card and merchants must have a SET-enabled payment gateway. The customer enters their credit card information into the payment gateway, which is then encrypted and sent to the merchant. The merchant then verifies the information and sends an authorization request to the customer's bank. Once approved, the transaction is completed. 
  
  Tips & Tricks: 
  When using SET, it is important to ensure that all data is encrypted before it is sent over the internet. Additionally, merchants should always verify that the customer's information is correct before processing the transaction. 
  
  Related Information: 
  SET is just one component of SAP's BC-SEC Security module, which also includes features such as authentication, authorization, and encryption. Additionally, SET can be used in conjunction with other security protocols such as SSL/TLS to further protect online transactions.