MoneyGram International is working to restore its money transfer system after halting operations several days ago due to a cybersecurity issue, the company said Monday.
The Dallas-based company is working with cybersecurity experts and law enforcement to resume normal business operations, it said in a social media post.
“We recognize the importance and urgency of this issue for our customers and partners,” MoneyGram said.
A MoneyGram spokesperson could not immediately be reached for further comment.
In a Facebook post, Massy Remittance Services alerted its Caribbean customers that MoneyGram services had been down since Saturday. Hundreds of MoneyGram outages were reported as of Monday afternoon, according to Downdetector, which tracks user reports of outages.
MoneyGram is widely used by immigrants in the United States to send money home and to pay bills. India and Mexico are the top recipients of these transfers, respectively, according to the Federal Reserve Bank of Dallas.
Remittances from the United States to Mexico reached a record $55.9 billion in 2022, according to the regional bank Fed, which largely attributes the growth to strong employment in the U.S. construction sector, a major employer of Mexican migrants. The average monthly remittance from the United States to Mexico was $390 in 2022, the study said.
A survey released by MoneyGram earlier this month found that nearly half of its customers send money across borders to help family members buy food, while more than a third send money via bank transfer to cover emergency expenses.
MoneyGram serves more than 50 million people in over 200 countries and territories each year, processing more than $200 billion annually, according to the company.
