Hyperlinks in suspected phishing email messages must be disallowed.
This policy setting controls whether hyperlinks in suspected phishing e-mail messages in Outlook are allowed. If you enable this policy setting, Outlook will allow hyperlinks in suspected phishing messages that are not also classified as junk e-mail. If you disable or do not configure this policy setting, Outlook will not allow hyperlinks in suspected phishing messages, even if they are not classified as junk e-mail.
Verify the policy value for User Configuration -> Administrative Templates -> Microsoft Outlook 2016 -> Security -> Trust Center "Allow hyperlinks in suspected phishing e-mail messages" is set to "Disabled".
Procedure: Use the Windows Registry Editor to navigate to the following key: