Simply put, phishing email messages, websites, and phone calls are designed to steal money. Cybercriminals can do this by installing malicious software on your computer or stealing personal information off of your computer.
Cybercriminals also use social engineering to convince you to install malicious software or hand over your personal information under false pretenses. They might email you, call you on the phone, or convince you to download something off of a website.
Microsoft has a good article explaining phishing in details with tips. Please see the following article https://www.microsoft.com/en-us/security/online-privacy/phishing-symptoms.aspx
In order to improve global security we urge you to report suspicious emails using tools provided
Microsoft You can use Microsoft tools to report a suspected scam on the web or in email.
- Internet Explorer. While you are on a suspicious site, click the gear icon and then point to Safety. Then click Report Unsafe Website and use the web page that is displayed to report the website.
- Outlook.com (formerly Hotmail). If you receive a suspicious email message that asks for personal information, click the check box next to the message in your Outlook inbox. Click the arrow next to Junk and then point to Phishing scam.
- Microsoft Office Outlook 2010 and 2013. Right-click the suspicious message, point to Junk, and then click Report Junk.