by Jaclyn Bender and Ralph Bender, MBA, CFP®
The following scenario is a hypothetical illustration based on common fraud patterns. It is not intended to depict an actual client or specific individual, but rather to highlight the warning signs of a prevalent job-related scam.
After months of applications and polite rejections, Kayla had started to wonder whether her biology degree was going to pay off the way she’d imagined. So, when an unexpected text arrived offering an interview with HealthStream Solutions, she pursued it — cautiously. The recruiter communicated entirely through Teams, but only by text. No video. No voice. Just messages on a professional platform, which felt almost normal enough to ignore. Kayla wasn’t the only one paying attention — her sister, a paralegal, found HealthStream, Inc. listed on the NASDAQ. Kayla checked the Better Business Bureau and found them listed there too. It all checked out.
At last! A ground-floor opportunity that would build on her four years of study.
In a follow-up text HealthStream Solutions informed her that they would be sending a check for her to purchase equipment and supplies for the job. They gave her a FedEx tracking number for the package containing the check.
She got the check for the equipment and supplies, $4,500, which she deposited using the remote deposit feature on her phone. The bank made $400 available without delay; the remainder would wait for the check to clear. Then HealthStream Solutions texted again to confirm the amount of the check.
Odd.
Then, they instructed her to download an app and send them $400 through it.
Red Flag!
Kayla carefully examined the check and realized it wasn’t even from HealthStream Solutions, although their logo was on the face of the check.
Something is wrong.
Kayla called the “contact us” phone number on the HealthStream, Inc. website and left a detailed voicemail explaining the situation, the interview process, the check, and the request to send some of the money back.
Shortly, she received a call back from a representative at the company who clarified that they do not conduct interviews through text or Microsoft Teams in that way and, more importantly, they do not send checks to new hires for equipment purchases. They confirmed that the people Kayla had been communicating with were not affiliated with HealthStream, Inc.
They were spoofing the company by calling themselves HealthStream “Solutions”.
Kayla’s suspicions were validated and helped her avoid losing money. But what about that check she so hastily deposited?
Immediately, she went to her bank and spoke with personal banker Jacob about the situation. She explained everything that had happened, including the check, the messages, and the request to send money back. He carefully reviewed the details and confirmed that this is an all-too-frequent scam.
Jacob explained that even though some of the money appeared in her account right away, that didn’t mean the check had cleared. He explained that in essence, the bank was advancing that amount of the deposit and would release the balance
when the check cleared. Under normal circumstances, it would be fine for Kayla to use those funds, but he strongly advised her not to spend any of the money from the check. Jacob warned that if she did, she could end up being held responsible for the full amount once the check was flagged as fraudulent. He explained that scammers try to get victims to send money quickly before the bank identifies the check as fake, because once the victim sends the money electronically, there is no way to get it back.
Furthermore, if Kayla had sent the $400 as the scammers requested and before the check bounced, the bank would likely presume that she is a scammer, not a victim, and could terminate the banking relationship. Jacob reassured her that she had done the right thing by coming in and encouraged her to monitor her account closely and avoid any further contact with the scammers.
This situation shows just how much effort professional scammers expend to appear legitimate. They used a recognizable platform, a real company name that fit with Kayla’s degree and had NASDAQ and BBB listings, a plausible job offering, and startup funds that felt like a signing bonus in a tight labor market. However, the tells were subtle – text-only communication, requesting confirmation of the check amount, the slight difference between the spoofed and the real company names – all easily dismissed when you’re hoping for the best.
Her spidey-senses saved her from the real threat. Getting her to download the app was the scammer’s real motive. It could have given everything on her phone, her passwords, email accounts, her banking apps to these bad actors. And everyone in her contacts would become a target – reached in her name, by people who make a living spoofing identities, like Kayla’s.
Being a target of scammers is a fact of life. Scammers are professionals, and the more they know about you, the easier it is to exploit your vulnerabilities. It’s public knowledge that Kayla had a recent biology degree and would be interested in a company in the health care industry. She checked them out and thought it was good, but her spidey-senses said otherwise.
Listen to yours, too.
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
Research and development of this article involved AI tools.