MoneyGram Issues Lead to Ongoing IT Outage and Customer Frustration

MoneyGram's IT system has been plagued by issues, leading to an ongoing outage that has left customers frustrated. The problems began in 2022 when a software update caused a system failure.

Customers have been unable to access their accounts, transfer funds, or even check their balances. This has resulted in lost business and revenue for both MoneyGram and its customers.

The outage has been ongoing for weeks, with no clear end in sight. MoneyGram has apologized for the inconvenience but has not provided a specific timeline for resolving the issue.

MoneyGram determined that an unauthorized third party accessed and acquired personal information of certain consumers between September 20 and 22, 2024.

The types of impacted information varied by affected consumer and included names, contact information, dates of birth, national identification numbers, and more.

MoneyGram regrets any concern this issue may cause its consumers and takes its obligation to safeguard personal information very seriously.

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The Company will continue to work hard to support consumers and deliver the services they expect from MoneyGram.

MoneyGram International, Inc. is a global financial technology company enabling consumers and businesses to move and manage money in nearly every country around the world.

The Company is a pioneer in the use of blockchain technology at scale and also enables consumers to buy, sell, and hold digital currencies on its industry-leading app.

MoneyGram serves more than 50 million people in over 200 countries and territories each year, processing more than $200 billion USD annually.

The MoneyGram team spans the globe with over 2,000 employees across 36 countries, representing more than 75 nationalities.

MoneyGram has been named a recipient of the Top Workplaces USA award for three consecutive years.

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The MoneyGram cyber attack has left a significant impact on its customers and the broader financial industry, with potentially millions of customers' personal and financial information compromised.

MoneyGram has over 50 million users in 200-plus countries and territories, and processes more than $200 billion each year.

The attack raises concerns about potential identity theft, fraud, and financial loss for affected individuals.

Remittances from the U.S. to Mexico reached a record $55.9 billion in 2022, with the average monthly remittance being $390.

MoneyGram's customers rely heavily on the service, with nearly half of those surveyed saying it helps cover food costs and more than a third wired money for emergency expenses.

The company will need to implement more robust cybersecurity measures to prevent similar incidents in the future, including investing in advanced security technologies and improving employee training.

MoneyGram is working with experts and law enforcement to get back online and resume business, but a spokesperson did not immediately respond to questions about when service is expected to be restored.

MoneyGram has acknowledged the issue and is working diligently to determine which consumers were affected.

The Company's investigation is in its early stages, and they are taking it very seriously.

MoneyGram regrets any concern this issue may cause its consumers.

They take their obligation to safeguard personal information very seriously.

The Company will continue to work hard to support consumers and deliver the services they expect from MoneyGram.

MoneyGram's team is working tirelessly to resolve the issue and restore trust with their customers.

The Company has a strong corporate culture globally, which is reflected in their commitment to customer satisfaction.

MoneyGram has been named a recipient of the Top Workplaces USA award for three consecutive years.