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Although it's not a part of IE7, this screen shot of Outlook shows an email that's probably from a phisher because the user doesn't have an account at Chase. Phishers send their emails to millions of people in hopes that some of the people who receive them actually have an account on the financial site's systems and can be fooled into clicking on the links and submitting their login credentials. One way phishers fool people is by presenting a full Web address ("http" and all), as this email does. That makes it look real because the Web address looks like the legitimate domain for Chase. But, as you will soon see in the next frame, the actual Web address that the link takes you too is different than the Web address being displayed.
In Outlook, when you mouse over a link, it will show you what the real Web address behind that link is. In this case, it is definitely different from the link being displayed. Whereas the link being displayed points to the Chase.com domain, the actual link hiding behind it goes to the notifychase.com domain. This is not Chase's domain, but rather, the phisher's.
When attempting to click on one of the links, the first Microsoft technology to warn you has nothing to do with Internet Explorer 7. But rather, it's the most recent version of Outlook 2003 that warns you this email could harbor a threat.