Seeing the same error, this appears to be across several different versions of Microsoft 365, so I'm suspecting something in the most recent patch Tuesday updates for Windows 10, all reports of the issue started yesterday after users starting rebooting following the patch Tuesday windows updates.
We are seeing this on Builds:
- 16501.20196 - 2305
- 16529.20154 - 2306
For file URL's which has me specifically suspecting Windows and not a particular office build or update, since these are older stable builds.
I have further traced the issue with users on our side and found that file links with an FDQN (raise the
error)

Those with just a host name raise a security warning first then work.
NOT working (FQDN within link)
\filestore.domain.ca\docs\docsample.pdf
file://filestore.domain.ca/docs/docsample.pdf
Working (Host name only within link)
\filestore\docs\docsample.pdf
file://filestore/docs/docsample.pdf
Also for working links with the Host name only not FQDN the following dialog is raised on a trusted domain that was not raised previously when clicked.
