# Vulnerability Analysis of Digital Banks' Mobile Applications

**Authors:** Polra Victor Falade, Grace Bunmi Ogundele  
**arXiv:** [2302.07586](https://arxiv.org/abs/2302.07586)  
**Date:** 2023-02-15  
**Summary page:** https://www.summarizepaper.com/en/paper/2302.07586v1/

## Key points

- The rise of smart mobile devices has led to an increase in users for mobile banking applications
- Collection of personal data by these apps has raised security concerns
- Attackers who gain access to personal information can potentially access bank accounts
- Research analyzed the vulnerability of six digital banks' android applications in the UK using Androbugs, a vulnerability scanner
- Scanned digital banks' applications were Starling, Monese, Atom bank, Transferwise, Monzo and Revolut
- All scanned digital banks' applications had vulnerabilities; however some had more than others
- Revolut's mobile application had the highest number of identified vulnerabilities
- There is a need for improved security measures in digital banks' applications as well as other mobile banking apps
- Digitalization is increasing globally with Fintech enabling digital banks to operate without physical contacts while offering all services online through smartphones or computers
- COVID-19 pandemic made accessing banking services through online channels necessary
- A report was generated containing title of vector paths for source code severity level of vulnerability (critical warning notice info.), category of vector vulnerability background knowledge and recommendations on how to mitigate the vulnerability weakness found in each app.

## Summary

The rise of smart mobile devices has led to a rapid increase in the number of users for mobile banking applications, which offer financial transactions and services through mobile devices. However, the collection of personal data and information by these apps has raised concerns about their security. In particular, attackers who gain access to personal information can potentially access bank payment or card accounts. To address this issue, this research analyzed the vulnerability of six digital banks' android applications in the UK using Androbugs, a vulnerability scanner. The scanned digital banks' applications were Starling, Monese, Atom bank, Transferwise, Monzo and Revolut. The results showed that all scanned digital banks' applications had vulnerabilities; however some had more than others. For instance Revolut's mobile application had the highest number of identified vulnerabilities. Therefore there is a need for improved security measures in digital banks' applications as well as other mobile banking apps. Digitalization is increasing globally with Fintech enabling digital banks to operate without physical contacts while offering all services online through smartphones or computers. This trend has become even more popular due to the COVID-19 pandemic where accessing banking services through online channels became necessary to keep economies growing while people stayed at home performing financial transactions. After analyzing each app with Androbugs on Windows OS a report was generated containing title of vector paths for source code severity level of vulnerability (critical warning notice info. ), category of vector vulnerability background knowledge and recommendations on how to mitigate the vulnerability weakness found in each app.