Lawrence Damilola
MoneyGram has confirmed that a cybersecurity issue is behind the ongoing outage affecting its services.
In a statement on Monday, the Dallas-based company revealed that a cybersecurity incident had impacted some of its systems, leading to significant disruptions. The outage was first reported last Friday, and users across multiple regions have continued to experience difficulties accessing MoneyGram’s services.
According to the company, upon detecting the issue, it immediately initiated an investigation and took precautionary steps, including taking systems offline. This action resulted in network connectivity problems, affecting both online and in-person transactions. MoneyGram stated that it is collaborating with law enforcement agencies and external cybersecurity experts to resolve the issue.
Progress in Restoring MoneyGram Services
Yesterday, the company provided an update on X stating that progress had been made in restoring some key transactional systems. However, the firm did not disclose when it expects to be fully operational, and some services remain unavailable. While users await the restoration of services, MoneyGram assured them that pending transactions will be available once its systems are back online.
We continue to make progress in successfully restoring some of our key transactional systems. Our dedicated team is actively working around the clock on resuming normal business operations. Once all systems are fully operational, transactions that are currently pending will be…
— MoneyGram (@MoneyGram) September 24, 2024
The company did not provide details about the exact nature of the cybersecurity issue, how it occurred, or which specific systems were affected. It has not been confirmed whether sensitive customer data was accessed during the incident.
The outage affected MoneyGram’s services worldwide. Customers in various countries, including Jamaica and the United Kingdom, have reported an inability to use its services. In Jamaica, remittance companies have been unable to access the platform to process payments, while the U.K.’s Post Office stated that customers could not use MoneyGram services online or in branches.
MoneyGram handles over $200 billion annually in transactions for more than 50 million customers across 200 countries and territories and has yet to confirm when services will fully resume. The outage has also disrupted MoneyGram’s mobile app and website, preventing customers from performing transactions.
The occurrence is part of an uptick in ransomware attacks involving cryptocurrency, as noted by Chainalysis, a blockchain security company. They observed that in 2024, there has been an almost 96% increase in ransom payments compared to the $37.8 million reported in 2023. A significant contribution to this year’s figures was a record-breaking $75 million cryptocurrency ransom paid to the Dark Angels group, marking the highest documented amount.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
