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PowerPoint Presentation: 

Secure Electronic Transaction INFORMATION TECHNOLOGY By Assignmenthelp.net…..

What’s electronic fund transfer? : 

What’s electronic fund transfer? An electronic funds transfer (also known as EFT) is a system for transferring money from one bank to another without using paper money. Its use has become widespread with the arrival of personal computers, cheap networks, improved cryptography and the Internet.

Need for Security?: 

Need for Security? Due to the open nature of the Internet there is increased security risk. For instance, when customers provide their credit card information over the Internet to purchase online, this data is at risk of being intercepted as it travels from a customer’s site to the merchant’s site. If the data is intercepted the order can be stopped, the payment information can be altered or someone other than the cardholder can use the credit card information.

Secure Electronic Transaction (SET): 

Secure Electronic Transaction (SET) Secure Electronic Transaction (SET) is a system for ensuring the security of financial transactions on the Internet. It was supported initially by Master card, Visa, Microsoft, Netscape, and others. With SET, a user is given an electronic wallet (digital certificate) and a transaction is conducted and verified using a combination of digital certificates and digital signatures among the purchaser, a merchant, and the purchaser's bank in a way that ensures privacy and confidentiality. SET makes use of Netscape's Secure Sockets Layer (SSL), Microsoft's Secure Transaction Technology (STT), and Terisa System's Secure Hypertext Transfer Protocol (S-HTTP). SET uses some but not all aspects of a public key infrastructure (PKI).

Key Features: 

Key Features Confidentiality of information Integrity of data Cardholder account authentication Merchant authentication

Participants: 

Participants Cardholder- is an authorized user of the payment card Merchant- person or organization that wants to sell goods to the cardholder Issuer – it’s the financial institution that provides payment card to the card holder Acquirer - it’s the financial institution that has relationship with merchant for processing payment card authorization and payments Payment gateway- it acts as an interface between SET and card payment networks for payment authorization. Certification authority- it provides public key certificates to cardholders , merchants and payment gateways

Major Transactions Supported : 

Major Transactions Supported Purchase Request Payment Authorization Payment Capture

Purchase request contains following steps:: 

Purchase request contains following steps: Initiate Request Initiate Response Purchase Request Purchase Response

Step 1: Initiate Request: 

Step 1: Initiate Request cardholder Please send me digital certificates of yours and that of payment gateway .here is a unique id to identify our transactions and here is my credit cards issuers name Merchant

Step 2: Initiate Response: 

Step 2: Initiate Response Cardholder Here are my transaction id and digital certificates of the payment gateway , and myself as you had requested for Merchant

Step 3: purchase Response: 

Step 3: purchase Response Another interesting concept is of DUAL SIGNATURE that protects the details of cardholder from merchant . Cardholder Here are my OI and PI details and also my digital certificates that contain my public key so that u and the payment gateway can decrypt the OI and PI with it Merchant PI H PIMD OI H OIMD + H POMD E DUAL SIGNATURE

Step 4:Purchase Response: 

Step 4:Purchase Response Verification of cardholder’s authenticity by merchant Step 1: Merchant calculates its OIMD and uses it with the PIMD sent by the cardholder to generate POMD1 PIMD H OIMD + H POMD 1 OI

PowerPoint Presentation: 

Step 2: Merchant decrypts DS received from the cardholder to retrieve POMD calculated by the customer , (say POMD2) DUAL SIGNATURE (DS) D POMD 2 Step 3: Merchant compares POMD 1 and POMD 2 .If they match the user is authenticated POMD 1 POMD 2 ? If yes, accept else reject

PowerPoint Presentation: 

Verification of cardholder’s authenticity by payment gateway Step 1: Payment gateway calculates its PIMD and uses it with the OIMD sent by the cardholder to generate POMD1 OIMD H OIMD + H POMD 1 PI Step 2: Merchant decrypts DS received from the cardholder to retrieve POMD calculated by the customer , (say POMD2) D POMD 2 DUAL SIGNATURE (DS) Step 3: Merchant compares POMD 1 and POMD 2 .If they match the user is authenticated POMD 1 POMD 2 ? If yes, accept else reject

Purchase Response: 

Purchase Response cardholder Merchant Ok , here is the result of processing your order

Payment authorization consists of:: 

Payment authorization consists of: Step 1: Authorization Request Merchant Here are: (a)Purchase Information (b)Authorization Information (c)Cardholder and my certificates Payment Gateway Step 2: Authorization Response Merchant Payment Gateways Validation were ok !Here are the authorization information , token information and my digital certificates

Payment Capture consists of: 

Payment Capture consists of Step 1: Capture Request Merchant Payment Gateway I need to have the payment for this purchase .Here are the transaction id , amount and my digital certificate Step 2: Capture Response Merchant Payment Gateway Payment to you is authorized . here are the details Also enclosed is my digital certificate.

Conclusion:: 

Conclusion: E-commerce related payments All the involved parties must be certified by a trusted party. Authenticating the parties is involved Risk of merchant fraud is not there because of the involvement of payment gateway Customer has to digitally sign payment gateway Payment gateway is liable for the customer fraud

For further info :: 

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