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Those buttons are on the Fraud analysis card of an order that has a risk score. They add the order's email address or phone number to your Blocklist.
Any future order with a blocked email or phone is scored High risk straight away, so it stands out in your list. It does not stop that person checking out. What happens to High-risk orders is set under Orders → Fraud Protection in Auto-action policy, for example Block COD at checkout (force prepaid).
To cancel the current order, choose Cancelled, pick Fraudulent order as the reason, and click Update Status. You can Remove entries from the Blocklist on the Fraud Protection page.
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