Exercise 13: Electronic payments and security

1. List and describe your experience with a secure Web site.

As part of my life dwells on the internet, security is important to me. Given below is a summary of my activities online using secure means.

- Online banking (via www.hsbc.lk and http://www.standardchartered.com/lk/)
- Airline Reservations
- Online Book Purchases

Whenever I use the online banking service to do my transactions, I prefer HSBC. The following lists out a typical money transfer.

1. Log on the site with my user name, password and Security code(Generated by a security device provided by the bank that last no longer than 60 secs at which point the code is invalid)

2. Successful login redirects me via SSL to a secure page to process my banking transactions.

3. To transfer money to other bank accounts I am prompted for another security code generated by the device to be keyed in. (This keeps every transaction secure and unique)



2. What is SET and how does it compare to SSL as a platform for secure electronic transaction? Is SET in common use?


Secure Electronic Transaction (SET) is a system for ensuring the security of financial transactions on the Internet.

The safety of SET is equal to the security system which an electronic payment system each company is enforcing with SSL fundamentally.

It becomes decoding with the server of the card issue company of the human control where finally technically the individual information (this case, not card number but the registration number of SET) that it was enciphered with the public-key such as RSA by a member's personal computer is made.

But, it flows from the member to the issue company in the case of SET when information goes through the route (joining store, authentication organ, joining store control company) in some middle. Therefore you must prevent decoding in the middle route and a data theft more than each electronic payment system form.

It is not a mere code signature for its sake which decodes only necessary information with the joining store, the joining store control company, the authentication organ, and two-fold code signature is necessary. An item and the way of the treatment are complex, and there are many preservation plans of the data made securing a security system in that place and decoding �y that place �z, and it has been getting necessary as for contents of registration to WALLET as well.

SSL

It has the information which a client (payment system use member) inputted on WEB enciphered with the present condition RSA public-key, and ssl is decoded with the server (joining store or payment system company).
In this case, or it has the possibility that it has data stolen and decoded information is seen on the server from the outside.
Therefore, it is inside the firewall which decoded data did neatly, and it must be kept under the condition that data are managed.

Decoding is decided to be done in the joining store when generally credit card NO. is transmitted with SSL in Internet. It can think about the case that the control of the data isn't being done with many cases that the technical protection of the server isn't made being, and it is the reason why it is said that it has danger. Because it can think that the firewall spreads individually in the technical side as for the joining store in Internet as well, the rest will become the problem that control of data such as a card number is left in the joining store. But, this problem is not the problem of the Internet, but it is a use copy credit card store stay credit card problem.

It is the form of the electronic payment system each company such as electronic credit, a third party form, a prepaid system to do data after decoding with the server of a payment system company where technically even a human control side feels secure and to cut.
Therefore, these electronic payment systems may say assurance first. You may rather say safety more as much as there is no thing that a member number stays at the joining store like the case of the credit card of the rial shop,rial business.

http://www.savagerun.com/SSLSET.htm