Cash switch big MoneyGram has confirmed it suffered a cyberattack after coping with system outages and buyer complaints about lack of service since Friday.
Whereas many suspected the corporate was hit by a cyberattack, it wasn’t till Monday morning that MoneyGram confirmed {that a} cybersecurity incident brought on the methods outage.
“MoneyGram recently identified a cybersecurity issue affecting certain of our systems,” reads the announcement.
“Upon detection, we immediately launched an investigation and took protective steps to address it, including proactively taking systems offline, which impacted network connectivity.”
MoneyGram is an American peer-to-peer cost and cash switch agency that allows individuals to ship and obtain cash by way of an intensive community of 350,000 bodily areas in 200 nations or digitally through its cell app and web site.
It’s the world’s second largest cash switch firm, solely behind Western Union, processing over 120 million transactions yearly from tens of tens of millions of customers.
The first indicators of an issue appeared on Friday, September 20, when individuals reported the lack to obtain funds or entry their cash by way of the service, and the web site was unavailable.
Supply: BleepingComputer
After MoneyGram clients couldn’t switch or entry their cash, the corporate mentioned on Saturday that they had been experiencing a “network outage” impacting connectivity to their methods.
MoneyGram took to X on Saturday to say they had been experiencing a “network outage” impacting connectivity to their methods however didn’t share any further particulars.
The corporate lastly confirmed on Monday {that a} cybersecurity incident was the reason for the outage, assuring clients that the agency is working diligently with exterior specialists and legislation enforcement to resolve the scenario.
“We recognize the importance and urgency of this matter to our customers and partners. We are working diligently to bring our systems back online and resume normal business operations,” defined MoneyGram.
No time estimates have been given for when the methods would possibly return to regular operational standing, indicating that they’re at first phases or remediating the assault.
Whereas MoneyGram has not shared what kind of assault they suffered, the prolonged outage and lack of connectivity to methods is indicative of a ransomware assault.
Contemplating MoneyGram’s huge buyer base, a possible information breach on the corporate may have far-reaching repercussions for many individuals.
BleepingComputer has contacted the agency in regards to the assault, and we’ll replace this submit as quickly as we hear again.
