Secure Socket Layer protocol has been the industry standard for securing Internet communications. Secure Electronic Transactions protocol is a complex and more secure protocol than SSL.
Origins of Protocols
SSL protocol was developed by Netscape for the purpose of securing online transactions. SET protocol was jointly developed by MasterCard and Visa with the goal of securing Web browsers for bankcard transaction.
How SSL Works
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SSL protocol secures data transmissions with a combination of public-key and symmetric-key encryption. SSL protocol always begins with a handshake that allows the server to authenticate itself to the client. If the server cannot be authenticated, the connection cannot be established.
How SET Works
SET uses dual signatures to secure a transaction. SET requires the purchase of software to use for an e-commerce site. The design of SET protocol requires the installation of an e-wallet on the client.