MoneyGram International is in the process of restoring its financial transfer system after temporarily suspending operations several days ago due to a cybersecurity incident, the company announced on Monday.

Based in Dallas, the company is collaborating with cybersecurity professionals and law enforcement to resume standard business activities, as stated in a social media update.

"We understand the significance and urgency of this situation for our customers and partners," MoneyGram emphasized.

A representative from MoneyGram was not immediately available for additional comments.

In a Facebook update, Massy Remittance Services informed Caribbean customers that MoneyGram services had been disrupted since Saturday. As of late Monday afternoon, numerous outages were reported, according to Downdetector, which monitors user-reported service interruptions.

MoneyGram is a popular choice among immigrants in the U.S. for sending money back home and settling bills. According to the Federal Reserve Bank of Dallas, India and Mexico are the largest recipients of these transfers.

Remittances from the U.S. to Mexico reached an all-time high of $55.9 billion in 2022, largely driven by robust employment in the U.S. construction sector, which employs many Mexican migrants. The average monthly transfer from the U.S. to Mexico was approximately $390 in 2022.

A recent survey conducted by MoneyGram revealed that nearly half of its customers send money internationally to assist family members with food purchases, while over a third do so for emergency expenses.

MoneyGram serves over 50 million individuals across more than 200 countries and territories each year, processing upwards of $200 billion annually, according to the company.