There are two kinds of unwanted emails you may receive in your Hotmail account: the first type, which is annoying but often harmless, is "spam" (or "junk mail"). The second type is potentially very dangerous, and is called "Phishing / Scams".
Windows Live Hotmail will automatically detect and block most phishing scam emails; if it is not recognized and moved to the Junk Folder, the unsuspecting user may end up giving away bank login information or other sensitive data. A phishing scam email pretends to come from a trusted source like your bank, mortgage company, eBay, PayPal, etc. - but is in fact sent by scammers who created a website that looks like the trusted institution, and can fool you into sharing personal or financial information. This tutorial helps you detect a phishing attempt, and explains how to report any phishing scam to the Hotmail team.
Here are a few tips you can use to detect a phishing scam email in your Hotmail account:

As example, the only time you should enter your email address and password is at Hotmail sign in, not by clicking a link in an email.
When you receive inside your Hotmail account an email that clearly is a phishing attempt, you can (and should) report it: this allows the Hotmail team to improve their automatic detection mechanism to prevent these scams from reaching user's inboxes altogether.
Here is how you report an email phishing scam in Hotmail:
This is how simple it is to report phishing scam emails in Hotmail. You should do it whenever you come across a phishing attempt, since this helps make Hotmail safer for all of us!