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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.
Outlook prevents you from actually clicking on the link until you activate the links by clicking on the grey warning bar (orange when highlighted) that turns up just above the email.