MoneyGram Details
Industry
Financial Services
Security Incidents
1
MoneyGram International Inc. is a global financial technology company that specializes in cross-border peer-to-peer payments and money transfer services. Founded in 1940, the company has evolved through various mergers and acquisitions to become one of the largest money transfer companies in the world. MoneyGram's services are accessible in over 200 countries and territories with a global network of approximately 350,000 agent locations.
The company's primary purpose is to facilitate the quick and secure transfer of funds, catering to both individuals and businesses. MoneyGram offers a range ...
Show more
Security Incidents
MoneyGram Breach of Sep 2024
Upon detecting the breach, MoneyGram took its systems offline to contain the issue and engaged with CrowdStrike and other cybersecurity professionals, along with law enforcement, to investigate the attack. The breach stemmed from a social ...
Show more
Show more
Show more
Severity Score
Significant to High
Type
Social EngineeringSummary
In late September 2024, MoneyGram, the American money transfer giant, experienced a significant cyberattack, leading to a five-day service outage that began on September 20. Initially described as a network outage, the company later confirmed it was a cybersecurity incident after observing the disruption in both in-person and online money transfer services.Upon detecting the breach, MoneyGram took its systems offline to contain the issue and engaged with CrowdStrike and other cybersecurity professionals, along with law enforcement, to investigate the attack. The breach stemmed from a social ...
Show more
Severity
The cyberattack on MoneyGram in September 2024 had significant implications due to the nature of the company as a major global money transfer service operating in over 200 countries. The attack led to a five-day outage of MoneyGram's services, severely impacting both their online and in-person transaction capabilities. Sensitive customer data, including personal identification information and financial transaction details, were compromised during the attack, putting numerous customers at risk of identity theft and financial fraud. The attackers reportedly gained initial access through a social...Show more
Impact
The cyber incident at MoneyGram was a sophisticated data breach, not a ransomware attack, which impacted their operations for several days, highlighting vulnerabilities in their systems. Customer data was compromised, with stolen information including names, contact details (phone numbers, email, and physical addresses), dates of birth, a limited number of Social Security Numbers, government-issued IDs, bank account numbers, and transaction details. This breach had significant repercussions not only for the users unable to send or receive money but also raised concerns about potential fraud an...Show more
KEEP YOUR ENVIRONMENT SECURE
Weak credentials are the leading cause of breaches. Beyond Identity can help.
See MFA exploits in action
Watch how adversaries exploit companies in quick videos