Messages that say you must “update your information by a specific date or lose access to Outlook/Microsoft” are almost always phishing scams.
Legitimate Microsoft security alerts never ask you to enter personal information through a link in an email or text.
Go to https://account.microsoft.com directly (don’t use any link in the message).
Sign in normally.
If Microsoft truly needs information, you will see a notification there.
If your account looks normal, the message was fraudulent.
Do not click any links in the email or text.
It's a good idea to report it using Microsoft’s “Report phishing” option in Outlook. Also block the sender.