Results of the summarizing process for the arXiv paper: 2302.07586v1

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.

• 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.

The Rise of Mobile Banking and the Need for Improved Security

Mobile banking applications have become increasingly popular in recent years, allowing users to access financial services on their mobile devices. However, with this convenience comes a risk: attackers can gain access to personal information and potentially access bank payment or card accounts. To address this issue, researchers recently analyzed the vulnerability of six digital banks' Android applications in the UK using Androbugs, a vulnerability scanner.

Analyzing Digital Banks' Applications

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.

Digitalization During COVID-19 Pandemic

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.

Vulnerability Scanning Using Androbugs

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.

Conclusion

In conclusion, there is an urgent need for improved security measures in digital banks' applications as well as other mobile banking apps in order to protect user data from potential attackers who could gain access to sensitive information stored within these apps. As technology continues to evolve and more people rely on mobile banking solutions for their financial needs during this pandemic period it is essential that security measures are put into place so that users can trust their data will remain secure when using these apps