In order to protect against fraud in electronic fund transfers (EFT), the Message Authentication Code (MAC), ANSI X9.9, was developed. The MAC is a check value, which is derived from the contents of the message itself, that is sensitive to the bit changes in a message. It is similar to a Cyclic Redundancy Check (CRC).
The aim of message authentication in computer and communication systems is to verify that he message comes from its claimed originator and that it has not been altered in transmission. It is particularly needed for EFT Electronic Funds Transfer). The protection mechanism is generation of a Message Authentication Code (MAC), attached to the message, which can be recalculated by the receiver and will reveal any alteration in transit. One standard method is described in (ANSI, X9.9). Message authentication mechanisms an also be used to achieve non-repudiation of messages.
The Secure Electronic Transaction (SET) was developed by a consortium including MasterCard and VISA as a means of preventing fraud from occurring during electronic payment.
The Secure Hash Standard (SHS), NIST FIPS 180, available at http://www.itl.nist.gov/fipspubs/fip180-1.htm, specifies the Secure Hash Algorithm (SHA-1).
Source: KRUTZ, Ronald L. & VINES, Russel D., The CISSP Prep Guide: Mastering the Ten Domains of Computer Security, John Wiley & Sons, 2001, Chapter 4: Cryptography (page 170)
also see: http://luizfirmino.blogspot.com/2011/04/message-authentication-code… and http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.22.2312&re…