MoneyGram, the world’s second-largest money transfer firm, has confirmed it suffered a cyberattack following widespread system outages and customer complaints that began on Friday. Initially, the company described the issue as a “network outage” on X, but by Monday, it disclosed that a cybersecurity incident was behind the disruption.

As a result, millions of customers and businesses worldwide have been unable to access funds or process transactions through MoneyGram’s app and physical locations.

The company took several systems offline as a precaution, causing extended service disruptions in more than 200 countries. With over 120 million transactions processed annually, MoneyGram’s massive customer base has been significantly impacted, though the full extent of the damage remains unclear.

While the company is working closely with cybersecurity experts and law enforcement, it has not confirmed whether ransomware was involved in the attack. As of Tuesday, MoneyGram’s website was still down, and no timeline has been provided for the full restoration of services.

Why It Matters: MoneyGram handles over $200 billion in transactions annually, serving millions of individuals and businesses worldwide. A cyberattack of this scale doesn’t just disrupt financial services—it also risks exposing sensitive customer data. As ransomware attacks on financial institutions become more frequent, this incident underscores the fragile nature of digital payment networks and their potential to cause substantial economic disruption.

• Cyberattack Confirmed: MoneyGram officially confirmed on Monday that a cybersecurity incident was responsible for the extended outages experienced since Friday. Initial reports from the company referred to a “network outage,” leaving customers unable to transfer or access funds.

• Investigations Underway: MoneyGram is working closely with external cybersecurity experts and law enforcement to investigate the incident. While no specific details about the type of attack were shared, the prolonged outages and system shutdowns suggest it could be ransomware-related.

• No Timeline for Recovery: As of Tuesday, MoneyGram’s website remained offline, and no definitive timeline has been provided for when normal operations might resume. This uncertainty has increased pressure on the company to restore services swiftly.

• Ransomware Threats in Financial Services: The financial sector has become a prime target for ransomware gangs. Similar attacks on prominent financial institutions in recent months underscore the increased security risks facing digital payment systems today.

Go Deeper -> MoneyGram Confirms a Cyberattack is Behind Dayslong Outage – Bleeping Computer

MoneyGram says Cyber Incident Causing Network Outages – The Record