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The sender is a known and trusted external contact, and based on your PowerShell output, the address has already been added to both Trusted Senders and Trusted Recipients. However, this is not related to the behavior you are seeing.
The “Unverified” warning is generated by Exchange Online Protection / Defender for Office 365 when Outlook is unable to fully validate the sender using email authentication methods such as SPF, DKIM, and DMARC. Even if a message is delivered to the Inbox and the sender is marked as trusted, Outlook can still display this warning if the authentication signals are weak, missing, or inconsistent.
Safe Senders only affects spam filtering (for example, ensuring messages are not moved to Junk), but it does not override authentication‑based safety indicators. This is why the warning can still appear even though the sender is already in the trusted list.
At this point, the issue is most likely related to the sender’s email authentication configuration. You may want to ask the sender to review the following:
- SPF
- DKIM
- DMARC
These need to be properly configured and aligned for Microsoft 365 to validate the sender’s identity successfully.
If needed, you can also share the message headers (with any sensitive information removed). This can help identify exactly which authentication check (SPF, DKIM, or DMARC) is causing the warning.
I hope this helps clarify the current behavior.
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