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Secure Electronic Transactions (SET) is an open protocol which has the potential to play a large role and dominate the market in providing secure electronic transactions. Jointly, Visa and MasterCard and vendors such as IBM have worked to create SET as an open standard for protecting the privacy, and ensuring the authenticity, of electronic transactions. SET is critical to the success of electronic commerce over the Internet; without having a system for authenticating consumers and merchants, it leaves all parties involved vulnerable. Security measures need to come from the top down, and bring uniformity to each industry. SET may sound like a necessity, but has not been popular in the United States.

Consumers in the United States spend billions of dollars over the internet each year, and it is reported by MasterCard that the majority of the purchases are made without using SET. Most merchants who sell over the internet are using Secure Sockets Layer (SSL) for their internet stores. Typically this would be enough, but fraud is on the rise.  The economy is contributing to increased instances of internet theft and identity theft.

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