The largest issue facing Xbox Live and similar services is social engineering[...]
Think about how much information about you is on the Internet. Can you imagine it being terribly difficult for someone to fill in the blanks? How many different security codes are linked to your mother’s maiden name, which is probably featured on her not-properly-secured Facebook page?
Then, remember the PlayStation Network information implosion. And the Gawker Media incident. [...]
"People don't hack accounts by using programs and any other bullsh-- that you hear around [Xbox Live]," said a user who publicly admitted to compromising Microsoft’s systems back in 2008. "It's as simple as picking up the phone."
It's more complicated than that, of course, but the underlying point remains the same.
[...]no system is perfect, and social engineering remains a threat. As we become more comfortable with more information available, there will be more ammunition for those hoping to take advantage of us.
Halo 3 spurred these issues three years ago, today it’s FIFA 12. Different day, different game, same issues.