admin MoneyGram International, a leading global money transfer service, is actively working to restore its operations after taking its service offline due to a cybersecurity incident. The Dallas-based company confirmed on Tuesday that it is collaborating with cybersecurity experts and law enforcement to resolve the issue and resume normal business operations. The exact nature of the cybersecurity problem has not been disclosed, and a spokesperson for the company was unavailable for further comment.
Pending Transactions to Be Processed Soon
In an update posted on social media platform X, MoneyGram assured customers that once all systems are back to full functionality, pending transactions will be completed and made available. The company acknowledged the urgency of the situation, stating, “We recognise the importance and urgency of this matter to our customers and partners.” This reassurance comes as hundreds of MoneyGram users reported outages, with Downdetector tracking widespread disruptions over the past few days.
The incident has affected many of MoneyGram’s global users, including customers in the Caribbean. Massy Remittance Services, a MoneyGram partner in the region, alerted customers on Facebook that services had been down since Saturday, impacting those relying on international transfers.
Impact on Remittance Services and Global Users
MoneyGram serves over 50 million customers across more than 200 countries, processing upwards of $200 billion annually. The outage is particularly significant for immigrants in the U.S. who rely on MoneyGram to send remittances to their families in other countries. Notably, Mexico and India are the top recipients of money transfers, with remittances to Mexico reaching a record $55.9 billion in 2022, largely driven by strong employment rates in U.S. sectors like construction.
According to a recent MoneyGram survey, nearly half of its customers use the service to send funds across borders to support family members with essential expenses like food, while more than a third use it for emergency costs. As the company works to restore its services, millions of customers worldwide are awaiting the resolution of this critical disruption.
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