Question

Explain the measures to secure E-transactions.

class11.
Business studies.

Answer 1

1) The Encryption Approach
2) Secure Socket Layer (SSL)
3) Secure Hypertext Transfer Protocol
(S-HTTP)
4) Secure Electronic Transaction (SET)
5) Payment Card Industry (PCI)
Compliance

Answer 2

Let’s discuss the top seven payment security measures to think about before setting up an ecommerce portal –

1) The Encryption Approach

Encryption is a process of converting plain text or data into ciphertext so that the transmitted information cannot be accessed by anyone other than the receiver and the sender. The idea of encryption is 

(1) to secure stored data and 

(2) to guard information transmission.

, Public Key Encryption and Symmetric Key Encryption are the two most popular methods implemented at large by the ecommerce industry.

2) Secure Socket Layer (SSL)

 Secure Socket Layer, or SSL, is apparently the most prevalent security model deployed by e-commerce businesses worldwide to secure its payment channels.

The SSL implements data encryption, optional client authentication, server authentication, and message integrity for TCP/IP connections. The protocol’s design aims to prevent eavesdropping, tampering of information, and forgery while transmitting data over the Internet between two interacting applications.

Secure Socket Layer is a traditional protocol, widely adopted across the ecommerce industry. 

3) Secure Hypertext Transfer Protocol (S-HTTP)

S-HTTP enhances security over the internet by empowering the HTTP internet protocol with authentication, public key encryption, and digital signatures.

Secure HTTP strives to make transactions more secure by negotiating encryption schemes used between a server and the client. Created to coexist and seamlessly integrate with the HTTP, it enables optimal end user security through multiple defence mechanisms.

4) Secure Electronic Transaction (SET)

The SET specification, collaborated by MasterCard and VISA, ensure the safety of all parties involved in an e-commerce transaction. It is specifically designed to perform critical functions like –

Authenticating cardholders and merchantsEnsuring confidentiality of information and payment dataDefine protocols and electronic security service providers

Secure Electronic Transaction enables interoperability between applications across diverse platforms and operating systems. SET integrates the following components −

Digital Wallet Software −
Merchant Software −
Payment Gateway Server Software − 
Certificate Authority Software −

The Payment Card Industry Security Standards Council, formed in 2006, is a compliance that comprehensively secures the payment system. PCI monitors online transactions and its vulnerabilities, helping merchants secure the financial data of their customers.

6) Safe Login Screen

It is critical to make the login system as secure as possible. Otherwise, it will be easy for the hackers to infiltrate and get access to sensitive data. Implementing this safety protocol is moderately easy, but it can efficiently ward off many security threats.

7) Digital Signature

Digital signature is an encrypted message with a unique private key capable of verification. The signature is linked to the data in such a way that in case the data is altered, the electronic signature is automatically invalidated.

Securing the safety and confidentiality of customer’s’ payment information is a serious issue. The above guidelines will help e-commerce enterprises decrease the possibility of security breaches, boosting their confidence to expand businesses online.

Hope its useful .!!!!!!!!!!!!!!