In order to construct a successful electronic commerce system, three main essential factors must be satisfied to obtain the best effective outcomes. The three main essential factors are as follows : economic factor, effectiveness factor and convenient factor. In order to understand the role of these three factors, one must have some insight knowledge about security to assist him to implement these three factors in his construction of an electronic commerce system. This paper analyses a implementation mechanism of security systems based on the SET 1.0 standard for electronic commerce systems, thus providing an effective plan for the construction of a security system in the SET-based electronic commerce field. This paper helps to analyse the elements of security vulnerabilities in the SET 1.0 standard implementation and also helps to understand the SET 1.0 protocol.