MoneyGram hack exposes customers' sensitive data, cripples services
MoneyGram, an American payment and money transfer platform, confirmed a data breach that exposed sensitive customer data to hackers, forcing its services offline for five days.
MoneyGram has confirmed a data breach that exposed sensitive customer data to hackers, forcing its services offline for five days in September 2024.
The American payment and money transfer platform, which operates through 350,000 locations across 200 countries and via its mobile app and website, revealed hackers stole a varied amount of sensitive customer information.
This includes transaction details, email and postal addresses, names, phone numbers, utility bills, government IDs and Social Security numbers.
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BleepingComputer first reported the news of the MoneyGram cyberattack on Oct. 5, noting that hackers used a social engineering attack on the company's internal help desk. At the time, the company didn’t disclose much information about the attack, stating, "After working with leading external cybersecurity experts, including CrowdStrike, and coordinating with U.S. law enforcement, the majority of our systems are now operational, and we have resumed money transfer services."
In an email to the publication, MoneyGram also confirmed that it has found "no evidence that this issue involves ransomware nor do we have any reason to believe that this has impacted our agents' systems."
However, in a notification on its website, MoneyGram has now revealed more information about the cyberattack. The company says that the threat actors had access to its network even earlier, between Sept. 20 and Sept. 22. It got to know about the breach on Sept. 27.
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During the time hackers had access to MoneyGram’s network, they stole a significant amount of sensitive information, including consumer names, contact details (such as phone numbers, email addresses and postal addresses), dates of birth, a limited number of Social Security numbers, copies of government-issued identification documents (such as driver’s licenses), other identification documents (such as utility bills) and bank account numbers.
For a limited number of customers, MoneyGram says hackers also accessed MoneyGram Plus Rewards numbers, transaction details (like dates and amounts) and criminal investigation info (such as fraud cases). The types of information exposed varied by individual.
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1. Enable two-factor authentication (2FA) on all accounts: One of the most effective ways to protect your personal and financial information from hackers is to enable two-factor authentication wherever possible. This adds an extra layer of security by requiring two forms of verification before granting access to your account, such as a password and a one-time code sent to your phone. Even if your password is stolen, 2FA can stop hackers from getting into your accounts.
2. Monitor your financial accounts regularly: After a data breach, especially when sensitive financial information like transaction details and bank account numbers have been compromised, it's crucial to regularly monitor your bank statements, credit card transactions and even small purchases. Look for unauthorized activity, no matter how minor it seems, and report it to your bank or service provider immediately.
With the MoneyGram breach, hackers accessed customers' financial transaction details, which could lead to fraud or unauthorized transactions. By reviewing your account statements frequently, you can catch any unusual activity early and take action before significant damage is done.
3. Change your passwords and use strong, unique passwords: MoneyGram customers who reused passwords across multiple accounts should update their login information immediately. A strong password combines uppercase and lowercase letters, numbers and symbols, making it harder for hackers to guess or crack. Consider using a password manager to securely store and generate complex passwords.
4. Sign up for identity theft protection: Given that hackers stole Social Security numbers, government-issued IDs and other sensitive information in the MoneyGram breach, affected customers should consider enrolling in identity theft protection. These services notify you if someone attempts to open new lines of credit or loans in your name, allowing you to take immediate action to prevent identity theft. Additionally, you can place fraud alerts or freezes on your credit reports to prevent unauthorized access.
For those impacted by the MoneyGram breach, where personally identifiable information such as government IDs and Social Security numbers were compromised, signing up for identity theft protection services can offer an extra level of security. See my tips and best picks on how to protect yourself from identity theft.
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5. Be wary of phishing attacks and scams: After a data breach, there is often an uptick in phishing attacks, where scammers try to trick you into revealing additional personal information by posing as legitimate companies. Always double-check the authenticity of emails, especially those asking for sensitive information. Never click on links or download attachments from suspicious sources, and verify any requests for information by contacting the company directly. Since the MoneyGram breach occurred through a social engineering attack, customers should be on the lookout for emails, phone calls or text messages pretending to be from MoneyGram or related entities. Always verify any communication before taking action.
The best way to safeguard yourself from malicious links that install malware, potentially accessing your private information, is to have antivirus software installed on all your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best 2024 antivirus protection winners for your Windows, Mac, Android and iOS devices.
6. Invest in personal data removal services: While no service promises to remove all your data from the internet, having a removal service is great if you want to constantly monitor and automate the process of removing your information from hundreds of sites continuously over a longer period of time. Check out my top picks for data removal services here.
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Big tech companies are struggling to curb cyberattacks. Every month, we hear about a new data breach that puts the data of millions of Americans at risk, and most of the time, these firms face nothing more than a slap on the wrist. Meanwhile, the individuals whose data is stolen suffer the consequences for years to come. MoneyGram and other companies should invest more in their cybersecurity infrastructure to ensure that breaches like this don’t become the norm.
Do you believe that legislation should enforce stricter penalties on companies that fail to protect customer data? Let us know by writing us at Cyberguy.com/Contact.
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