/security

News and resources on cyber and physical threats to banks and fintechs worldwide.

MoneyGram knocked out by cybersecurity issue

MoneyGram has blamed a "cybersecurity issue" for an outage that has left users unable to send money for several days.

Be the first to comment

MoneyGram knocked out by cybersecurity issue

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

On Saturday, the company confirmed on social media that it was "experiencing a network outage impacting connectivity to a number of our systems".

By Monday, the remittance giant confirmed that it had "identified a cybersecurity issue affecting certain of our systems".

MoneyGram is the world's second-largest money transfer operator, with more than 50 million users who send more than $200 billion a year.

The company took systems offline in response to the cybersecurity issue and is working with external cybersecurity experts and coordinating with law enforcement.

In an update on Tuesday, it said: "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.

However, it has not provided any indication of when services will resume, saying only: "Once all systems are fully operational, transactions that are currently pending will be made available to customers."

Sponsored [Webinar] Why real-time payments are a game-changer for corporate banking services

Comments: (0)

[Webinar] SaaS savvy: Preparing for embedded and data driven bank paymentsFinextra Promoted[Webinar] SaaS savvy: Preparing for embedded and data driven bank payments