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How to report a suspicious email in Outlook(new) and the browser version of Outlook:
If you suspect an email of being fraudulent in any way, simply right click it, hover your mouse over "Report", and then click "Report Phishing". This will block the sender and forward the email to the security team for review.
How to report a suspicious email in the Outlook (classic application version):
If you suspect an email for being fraudulent in Outlook, with the message open click "Report Message" in the top right hand corner of the screen, then from the drop down menu select either "Junk" or "Phishing" depending on the nature of the message.
If you're not sure if it's a phishing/scam email, check HERE for an article that gives some tips on identifying those types of emails.