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After clicking on the link to report the suspected phishing site, you're taken to a Web form on Microsoft's site so that you can either report the suspected phisher, or claim ownership of the suspected domain to let Microsoft know that you're not a phisher.
Once you decide to submit the previous Web form, you must offer proof that your not some automated machine submitting the information. These are designed to prove that a human is interacting with the Web site since the validation code is not in machine readable form.
The process ends with a Thank You from Microsoft.