I had a client last week that was constantly complaining about receiving a lot of phishing emails. I had done everything I could think of in order to try and mitigate them in Exchange Online Protection (EOP) and finally broke down and opened up a support case. Upon submitting the numerous examples to the support engineer he guided me through implementing an undocumented change to the phishing threshold via a header manipulation.
We created a mail flow rule that stated if the sender is outside of the organization and the recipient is the client's domain, then add a message header "MS-Exchange-Organization-PhishThresholdLevel" and set the value to 2 (the default is 4):
Ever since implementing this the client has said they are no longer receiving any phishing emails.