Whether a check is a cashiers check, bank draft, company check, or personal check, the check can be bogus.
Even though the bank may put a hold on the check for 5 days, after that time it still does not mean the check is not bogus. It could take three weeks or longer to be certain that a check is not bogus.
Sometimes a scam artist will use a legitimate account number that belongs to another company or person on the check. The check may initially clear because there is sufficient funds in that account to pay for the check. However, when the company or person realizes that they did not write the check and notifies their bank, the check will bounce.
Generally when a check bounces, the bank will demand immediate repayment. If you can't immediately repay the amount, the bank may close your account and report you to Chex Systems making it impossible to open another account at any bank for 5 years. I've even heard of banks closing accounts and reporting people to Chex Systems even if they repay the amount immediately believing that the person was involved in the check fraud.
If for some reason the check issued is more than agreed upon (this never happens with a legitimate company) and requests money back, this is a scam.
If there appears to be something fishy about the deal, first look up the company phone number on the internet (do not use the phone number on the check). Then call the company about the check to see if it is legitimate.
Then always talk to the bank branch manager about the check to get his advice before depositing the check. At least this will likely keep you from getting too deeply into trouble if the check is bogus. At least he will be able to analyze the situation, look for watermarks on the check, and understand your situation if the check is bogus.
Usually when a scam occurs, you never get to meet the scam artist in person. He'll probably have some excuse why he couldn't make the appointment.