MoneyGram International Inc. is rapidly working to restore its systems after a cybersecurity issue forced the company to take its global network offline. The issue was first acknowledged on X (formerly Twitter) on Sunday, when MoneyGram reported a network outage affecting multiple systems.
In a subsequent update on Monday, MoneyGram stated, “We recently identified a cybersecurity issue affecting certain systems. Upon detection, we immediately launched an investigation and took proactive measures, including taking systems offline to ensure security. We are collaborating with top external cybersecurity experts and coordinating with law enforcement.”
The Bank of Jamaica (BOJ), which oversees the foreign exchange and remittance market, issued a notice on its website on Monday regarding the outage. The BOJ confirmed that MoneyGram Payment Systems Inc. is experiencing a global network disruption, rendering its services temporarily unavailable. As a result, remittance companies in Jamaica that rely on MoneyGram cannot access the platform to send remittances abroad or disburse funds to recipients in Jamaica.
The Bank of Jamaica (BOJ) recommended that customers consider alternative remittance options while MoneyGram collaborates with its primary agents in Jamaica to restore its systems. Some alternatives include Western Union, Xoom, Ria, WorldRemit, Transfast, Boss Money, Remitly, and Union Caribe, with a full list available on the BOJ’s website. Individuals can also explore using Visa Direct to send money to someone with a Visa card linked to a bank account.
In a Tuesday update, MoneyGram stated, “We are making progress in restoring some of our key transactional systems. Our dedicated team is working around the clock to resume normal business operations. Once all systems are fully operational, pending transactions will be processed for customers. We apologize for any inconvenience and will provide further updates as they become available.”
This marks the second major global outage of 2024, following a significant incident involving CrowdStrike Holdings, Inc. On July 19, a faulty update to its Falcon Sensor security software caused widespread disruptions. This outage led to numerous flights being grounded, interruptions in emergency services, payment processing issues, and difficulties accessing hotel rooms, among other challenges.
