User Configuration > Administrative Templates > Microsoft Outlook 2016 > Security > Trust Center
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HKCU\software\policies\microsoft\office\16.0\outlook\options\mail
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.