MoneyGram International has taken significant steps to address a cybersecurity issue that has led to the temporary shutdown of its financial transfer system. As of Monday, the Dallas-based company announced that it is working diligently with cybersecurity experts and law enforcement to investigate the matter and restore normal operations. The company expressed its commitment to resolving the situation swiftly, acknowledging the importance and urgency of the issue for its customers and partners.
Reports of outages began surfacing over the weekend, with customers in the Caribbean notably affected. According to Downdetector, a platform that tracks user reports of service disruptions, hundreds of MoneyGram outages have been reported since Saturday. This disruption is particularly concerning given MoneyGram’s role as a vital service for immigrants in the U.S. who rely on the platform to send money back to their home countries for essential needs.
In 2022, remittances from the U.S. to Mexico reached a record $55.9 billion, highlighting the critical nature of services like MoneyGram for many families. The Federal Reserve Bank of Dallas attributes much of this growth to strong employment in the construction sector, a major employer for Mexican migrants in the U.S. As nearly half of MoneyGram’s customers send money to assist family members with food purchases and over a third do so for emergency expenses, the ongoing outage could have significant implications for those dependent on these financial transactions.
MoneyGram serves more than 50 million people across over 200 countries and territories each year, processing over $200 billion in transactions. As the company continues to investigate and work toward a resolution, customers are urged to stay informed about the status of services. The swift recovery from this cybersecurity challenge is essential to ensure that MoneyGram can maintain its crucial role in the global financial ecosystem, particularly for those who rely on its services to support their families back home.
