MoneyGram Works to Restore Systems After ‘Cybersecurity Issue’

MoneyGram said Tuesday (Sept. 24) that it is working “around the clock” to bring its systems back online and resume normal business operations after finding a “cybersecurity issue.”

“We continue to make progress in successfully restoring some of our key transactional systems,” the money transfer company said in a Tuesday post on social platform X.

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

MoneyGram added in the post that transactions that are currently pending will be made available to customers when all its systems are fully operational.

The post came three days after MoneyGram said it was experiencing a network outage impacting connectivity to some of its systems and was working to better understand the nature and scope of the issue.

“We recognize the importance and urgency of this matter to our customers,” the company said in a Saturday (Sept. 21) post on X.

MoneyGram is experiencing a network outage impacting connectivity to a number of our systems. We are working diligently to better understand the nature and scope of the issue. We recognize the importance and urgency of this matter to our customers.

— MoneyGram (@MoneyGram) September 21, 2024

On Monday (Sept. 23), MoneyGram said it identified a cybersecurity issue affecting some of its systems.

“Upon detection, we immediately launched an investigation and took protective steps to address it, including proactively taking systems offline which impacted network connectivity,” the company said in a Monday post on X. “We are working with leading external cybersecurity experts and coordinating with law enforcement.”

MoneyGram recently identified a cybersecurity issue affecting certain of our systems. Upon detection, we immediately launched an investigation and took protective steps to address it, including proactively taking systems offline which impacted network connectivity. We are…

— MoneyGram (@MoneyGram) September 23, 2024

Eighty-two percent of eCommerce merchants experienced a cyber or data breach in the last year, according to the PYMNTS Intelligence report “ Fraud Management in Online Transactions .”

Director of National Intelligence Avril Haines told Congress in May that there has been an alarming increase in cyberattacks worldwide and that companies in the United States have emerged as the primary targets for these attacks.

Cyberattacks on city governments, healthcare systems and a sensitive data storage cloud infrastructure were some incidents that happened this summer that reminded businesses that security is critical, PYMNTS reported in June.

Cyberattacks that targeted brands and celebrities on TikTok , lab services provider Synnovis , multi-cloud data warehousing platform Snowflake and others sparked concerns that fraudsters and criminal ransomware gangs may be deliberately targeting businesses whose customers and end users would suffer greatly from ongoing and extended disruptions to business. That way, they could exert more pressure on these organizations to pay a ransom, PYMNTS reported in July.