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Open the suspicious message in classic Outlook (if the Reading Pane is visible, select the suspicious message).
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On the Message tab of the open message, select Report > Report Phishing:
Classic Ribbon:
Simplified Ribbon:
 
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Open the suspicious message in Outlook for Mac (if your Reading Pane is visible, select the suspicious message). Then, on the toolbar, select
 Report. - 
                      
Select Report Phishing.
 
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Open the suspicious message in new Outlook (if your Reading Pane is visible, select the suspicious message).
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On the Home tab, select
 Report > Report phishing.