MoneyGram has admitted that a dayslong outage was due to a cybersecurity issue and is taking steps to restore its services.
Problem Arises
MoneyGram recently identified a cybersecurity issue affecting certain of its systems. This comes days after users reported that its services were down starting September 20. The event was highlighted by service status information aggregator DownDetector, which recorded numerous outage reports.
Company's Actions
When MoneyGram identified the issue, it immediately launched an investigation and took protective steps, including proactively taking systems offline which impacted network connectivity. The company is also working with law enforcement and leading external cybersecurity experts to mitigate the incident.
Consequences and Measures
MoneyGram continues to restore key transaction systems and is working around the clock to resume normal operations. Once systems are back online, current pending user transactions will be processed. The company has not disclosed specific details of the incident or potential data impacts. No timeline has been given for full service restoration.
The MoneyGram incident occurs amidst a rise in crypto-related cyberattacks in 2024. The company remains one of the world's largest money transmitters and continues its move into the crypto industry by offering fiat exchange services.
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