The worm spreads through e-mails with the subject line 'HAPPY NEW YEAR' and the message 'All the best in new year from our family here is a litle attachment to make you smile in new year email me back haha...,' or with a subject: 'MARY CHRISTMAS from our family' and message: 'All the best in new year and christams from our family i was lauging like mad when i saw it!

Attached to the e-mail a screensaver with .scr extension containing the malicious code. The attachement is zipped - in the hope that it might bypass some anti-virus products that don't scan archives.
If a recipient unpacks the archive and executes the file they will see an image of naked people that form the message Happy New Year. But that's not all that happens, as in the background the worm gets busy harvesting email addresses from the system and sending itself on to them. It will also attempt to turn off any processes it sees running that it thinks are from antivirus software.Source: PC Pro
'People coming into work after an extended holiday, and possibly facing a few thousand emails in their inbox, should be careful not to fall for the confidence tricks often used by computer viruses,' said Graham Cluley, senior technology consultant for Sophos. 'Anyone who forgets to exercise caution before running this unsolicited email attachment could be in for a rude awakening.'