MoneyGram Faces Multi-Day Outage Due to Cybersecurity Incident

🚀 Stay Ahead with AltcoinDaily.co! 🌐

MoneyGram, one of the world’s largest money transfer services, is grappling with an outage following a cybersecurity breach that has affected its systems for several days. The company recently confirmed the disruption, attributing it to a “cybersecurity issue” in a public post on X (formerly Twitter).

A Major Outage

The outage, which users first began reporting on September 20, has drawn attention from thousands of customers unable to complete transactions. DownDetector, a service status monitoring platform, logged hundreds of complaints from frustrated users in the past 24 hours alone, reflecting the scale of the issue.

According to MoneyGram, as soon as the problem was detected, they launched an investigation, immediately involving law enforcement and external cybersecurity experts to contain the threat.

🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

MoneyGram’s Response

MoneyGram took some of its systems offline, a move that impacted its network connectivity and services. “We continue to make progress in successfully restoring some of our key transactional systems,” The company stated in an update on September 24, adding that they are working “around the clock” to resolve the situation.

While MoneyGram has not yet disclosed specifics about the nature of the breach, including whether sensitive customer data was compromised or which systems were most affected, it has reassured users that pending transactions will be completed once its systems are fully operational. However, no clear timeline has been provided for when services will return to normal.

The money transfers company, which processes over $200 billion annually for 50 million users worldwide, plays a crucial role in facilitating remittances, particularly for immigrants in the U.S. sending funds to family members abroad. In 2023, it made strides into the cryptocurrency space, partnering with the Stellar Development Foundation (SDF) as part of its broader strategy.

🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Increasing Cyber Threats

MoneyGram’s incident comes during a time of increasing cyber threats targeting the financial sector, with 2024 already seeing a sharp rise in ransomware attacks. According to a report by blockchain security firm Chainalysis, this year has witnessed a staggering 96% increase in crypto-related ransomware payments compared to 2023.

A major contributor to these figures was a single $75 million payment to the notorious Dark Angels ransomware group, marking the largest ransom ever recorded.