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WEP, wired equivalent privacy, is the standard encryption security that is built into all Wi-Fi devices. WEP does not provide as good of wireless security as WPA does, but is adequate for minimal security purposes.
WEP is not included in all wireless devices--many 802.11a devices do not include WEP, for example. WEP is trivial to break (10 minutes of packet capture and a few hours or less of analysis) and is not sufficient for any sensitive transactions. Since source and destination MAC addresses are not encrypted when using WEP, it also becomes very trivial to perform man-in-the-middle attacks.