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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.
Once the link in the email is activated and clicked on, IE7 starts (if it's your default browser), and you go to the site and a warning appears with a pastel yellow background, next to the Web address at the top of the browser's toolbar, that this is a Suspicious Website. The Web address is given a pastel yellow background as well. From a user interface perspective, we feel that this is probably too subtle for a warning of this nature.