MoneyGram, an American money transfer business, says that a “cybersecurity issue” is to blame for an outage that has been going on for days and is affecting both the company and its users.
In a Monday post on X, MoneyGram said it had “found a cybersecurity issue that affects some of our systems.” The company had said before that the problem was caused by a “network outage.”
MoneyGram’s most recent update says, “As soon as we found out about it, we started an investigation and took protective measures to deal with it, such as proactively taking systems offline, which affected network connectivity.” “We are working with top cybersecurity experts from outside our company and coordinating with the police.”
Every year, MoneyGram helps more than 50 million people in more than 200 countries and regions send and receive money. It is the world’s second-largest money transfer service. MoneyGram says that every year it handles more than $200 billion in transfers. A private equity company called Madison Dearborn Partners bought MoneyGram for $1 billion in 2023.
MoneyGram still hasn’t said what kind of cybersecurity event it was or if customer data was affected.
The problem started on Friday and seems to be affecting many parts of the business. Customers still can’t pay in person or online, and the company’s website and app are both down as this article was written.
No one from MoneyGram could be reached for comment. Parhlo World got a bounce-back error message saying our email could not be sent.
MoneyGram partners all over the world also seem to have been hit by the outage.
The Bank of Jamaica said on Monday that “remittance companies that offer MoneyGram services in Jamaica are unable to access the MoneyGram platform to send money abroad or give money obtained through remittance to recipients in Jamaica.” You can use MoneyGram services at the U.K.’s Post Office, but their website says, “For now, you can’t use MoneyGram services online or in branch, including online support.”
MoneyGram hasn’t said when it plans to start offering its services again. In a short update on Tuesday, MoneyGram said that it was getting some of its key tools back up and running.
The New York State Department of Financial Services fined MoneyGram in 2022 for failing to stop money laundering. A spokesperson for the department told Parhlo World that it is “closely monitoring the situation and our expert team engages with regulated entities as appropriate.”
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Added a statement from the NYDFS
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