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Hackers monetise email contacts

The hacker used contacts from the hacked Yahoo ID to send mails to the person’s friends
Hyderabad: Hackers appear to have adopted a new modus operandi to make people transfer money to their accounts. Recently, somebody who is believed to be from Ukraine, hacked a yahoo mail account of a journalist and created similar ID with Microsoft web mail service Outlook. The hacker used contacts from the hacked Yahoo ID to send mails to the person’s friends and relatives asking money from the newly created ID. The mail typically claim that the sender was stuck in a foreign country and his debit and credit cards are not working and is in dire need of money.
“I am stranded here (Ukraine) without any money, so I was wondering if I could get a quick loan of $1,850 from you or any amount, you can afford if not all,” read the mail from the hacked account. Since hackers used a different account, the original user didn’t know about the mails sent in his name even after his access to the mail got restored.
( Source : deccan chronicle )
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