Cybersecurity Issue Temporarily Halts Operations
CBS—MoneyGram International is actively working to restore its global money transfer service after a cybersecurity incident forced the company to take its product offline several days ago.
In an update posted on X (formerly Twitter), the Dallas-based company assured customers that once all systems are operational, pending transactions will be processed.
MoneyGram is collaborating with cybersecurity experts and law enforcement to resolve the issue. “We recognize the importance and urgency of this matter to our customers and partners,” the company stated.
Massy Remittance Services alerted customers in the Caribbean that MoneyGram services were down as of Saturday, with hundreds of outages reported by Downdetector as of late Monday.
MoneyGram is widely utilized by immigrants in the U.S. to send payments home, particularly to India and Mexico. In 2022, remittances from the U.S. to Mexico reached a record $55.9 billion, driven largely by strong employment in the U.S. construction sector.
A recent MoneyGram survey revealed that nearly half of its customers send money to help family members buy food, while over a third wire funds for emergencies.
MoneyGram serves more than 50 million people in over 200 countries and territories each year, processing more than $200 billion in transactions annually.
