Money transfer giant MoneyGram has confirmed that a cyberattack is responsible for an ongoing outage impacting its systems. The company issued a statement on September 23, 2024, acknowledging a “cybersecurity issue” that prompted them to take certain systems offline, leading to disruptions in customer-facing systems.
The initial signs of trouble appeared on September 22, when MoneyGram first reported a network outage affecting multiple systems. In the latest update, the company explained that upon detecting the breach, they launched an investigation and implemented protective measures, including taking affected systems offline. This move caused widespread service disruptions, affecting customers and partners globally.
“We are working with leading external cybersecurity experts and coordinating with law enforcement,” MoneyGram wrote in its statement. They assured customers that the company is focused on restoring service as quickly as possible but did not provide a timeline for when full functionality would be restored.
MoneyGram, a leading provider of cross-border P2P payments and money transfers, handles billions of dollars in transactions annually. With services in over 200 countries and territories, the company has a vast user base, including individuals and businesses reliant on its infrastructure for secure and timely money transfers. As of its most recent report, MoneyGram serves approximately 150 million customers worldwide. Any sustained outage could lead to significant delays for people relying on remittances and international payments.
While the company confirmed the cyberattack, details about the nature of the attack remain sparse. We contacted MoneyGram to inquire whether ransomware was involved and if any customer data had been compromised, but we have yet to receive a response. This leaves open the question of whether sensitive information might have been accessed or if the attackers have made any demands.
At this stage, the company's investigation is ongoing, with external cybersecurity experts working alongside law enforcement to mitigate the situation. While customers wait for further clarity, they are recommended to monitor accounts for any suspicious transactions and remain vigilant for phishing attempts exploiting this outage to target MoneyGram users.
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