They don't even have to phish. They can just brute force your account.
My account got hacked two or three christmas' ago. They spent money on the card and whatnot. I phoned up MS, they locked the account and refunded money, then on christmas day, they gave me 6500 MS points (iirc) and one month free live. Not too bad.
Still want my old account back though :S
Another little story, this time with Steam: I have two accounts - one proper, and one secondary account that had no games on it. The secondary account got hacked (lol). They bought MW2 with their own money on the account. After a few support tickets, I got the Steam account back, and thus a free copy of MW2. Lulz.
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