EML files are saved email messages outside of standard Microsoft support conventions.  Still, Office 365  has some limited support to show content but not automatically filter it as part of normal security checking.  The SANS ISC shares a highly educational narrative on this new approach of bypassing automated security checks in O/365 based email.

https://isc.sans.edu/forums/diary/EML+attachments+in+O365+a+recipe+for+phishing/25474/

QUOTE:  I’ve recently come across interesting behavior of Office 365 when EML files are attached to e-mail messages, which can be useful for any red teamers out there but which can potentially also make certain types of phishing attacks more successful.

Office 365, just like any other e-mail gateway with security features, uses a number of complex anti-phishing mechanisms and filters to catch malicious messages. This means that if we try to send an e-mail to a “Target User” which looks like a message from Paypal, but the embedded link points to a phishing site, O365 will correctly identify it as phishing/spam and catch it.

Before we move forward, let’s take a quick look at EML files. These are used to save e-mail messages by many e-mail clients (AKA Mail User Agents) and even Outlook and most other e-mail clients, which do not use EML as the default format for saving messages, at least have the ability to open and display them. EML files have a very simple internal structure

Although I don’t assume that attackers will start using this technique en masse, I would still recommend considering automatically marking e-mail messages with EML attachments as potentially dangerous and adding a short warning about the potential risks of EML attachments into end-user security/phishing awareness courses.