MoneyGram International is working to restore its financial transfer system after taking operations offline due to a cybersecurity issue. The Dallas-based company, a key player in remittance services, announced Monday that it is collaborating with cybersecurity experts and law enforcement to resume business operations.
“We recognize the importance and urgency of this matter to our customers and partners,” MoneyGram said in a social media post.
Massy Remittance Services reported that MoneyGram services were down in the Caribbean as of Saturday. Hundreds of outages were logged on Downdetector by late Monday. MoneyGram is vital for U.S. immigrants sending funds home, particularly to countries like Mexico and India. In 2022, U.S. remittances to Mexico reached a record $55.9 billion, driven by strong employment in sectors like construction.
MoneyGram serves over 50 million customers globally, processing more than $200 billion annually. The company has yet to provide a timeline for service restoration.
MoneyGram Faces Cybersecurity Disruption
MoneyGram International is working to restore its financial transfer services after taking its systems offline due to a cybersecurity issue, the company announced Monday. Based in Dallas, MoneyGram is collaborating with cybersecurity experts and law enforcement to resume operations, according to a post on social media.
“We recognize the importance and urgency of this matter to our customers and partners,” the company stated.
As of Monday, hundreds of MoneyGram outages were reported by Downdetector, with Massy Remittance Services informing Caribbean customers that services had been down since Saturday.
MoneyGram is widely used for cross-border payments, particularly by immigrants sending remittances. India and Mexico are the largest recipients, with U.S. to Mexico transfers reaching a record $55.9 billion in 2022.
MoneyGram, serving over 50 million customers in 200 countries, processes over $200 billion annually. It partners with the Bank of South Pacific to provide services in Tonga and Samoa.
Source: CBS News
