The aim of this letter is to clarify the relationships between Hawking radiation and the scattering of light by matter falling into a black hole. To this end we analyze the S-matrix elements of a model composed of a massive infalling particle (described by a quantized field) and the radiation field. These fields are coupled by current-current interactions and propagate in the Schwarzschild geometry. As long as the photons energy is much smaller than the mass of the infalling particle, one recovers Hawking radiation since our S-matrix elements identically reproduce the Bogoliubov coefficients obtained by treating the trajectory of the infalling particle classically. But after a brief period, the energy of the `partners' of Hawking photons reaches this mass and the production of thermal photons through these interactions stops. The implications of this result are discussed.

12 pages, revtex, no figures