Little detail from money transfer company, but it says services are being restored.
MoneyGram has blamed an unspecified "cybersecurity issue" for an ongoing outage affecting the company and its users.
In an initial message on X on Saturday, the company said it was “experiencing a network outage impacting connectivity to a number of our systems” and was “working diligently to better understand the nature and scope of the issue.”
This was followed with a message posted on Monday where it said it “identified a cybersecurity issue affecting certain of our systems.”
It claimed “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 working with leading external cybersecurity experts and coordinating with law enforcement.”
Resuming Additional Services
A most recent update posted this morning said MoneyGram was continuing “to make progress and are resuming additional services” including agent partners, who are now available for sending and receiving money, including fulfilling pending transactions.
Akhil Mittal, senior security consulting manager at the Synopsys Software Integrity Group, said, "MoneyGram’s outage raises some important questions. Money transfer services are prime targets for cyber-criminals because they handle large amounts of sensitive data. The challenge is balancing security with keeping services running.
“By taking everything offline, MoneyGram clearly put security first, but it also highlights a common struggle in the financial sector—how do you protect sensitive data without shutting down the business? Are companies ready to handle that challenge?
Mittal admitted that so far, MoneyGram hasn’t shared many details, which raises a key point: How much should companies say during a cyber crisis. “Should they keep customers informed as they work on it, or wait until everything’s resolved? This could start a broader conversation about how companies build trust when facing situations like this.”
Written by
Dan Raywood
Senior Editor
SC Media UK
Dan Raywood is a B2B journalist with more than 20 years of experience, including covering cybersecurity for the past 16 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Conference, BSides Scotland, Steelcon and ESET Security Days.
Outside work, Dan enjoys supporting Tottenham Hotspur, managing mischievous cats, and sampling craft beers.
