What has been reported:

As fraudulent impersonation schemes related to investment advice have proliferated via social media platforms and messaging applications, Royce Investment Partners has received several reports of such activity regarding its investment personnel. Bad actors have historically executed these scam attempts by portraying themselves as Royce portfolio managers and/or employees through WhatsApp, Facebook, Instagram, Signal, Telegram and other messaging platforms.

If someone initiates contact with you via any social media or messaging platform claiming to be affiliated with Royce or its affiliated companies, it’s not us - it's a fraud attempt! These bad actors often persuade their victims to pay fees for access to “stock picks” which may include a request to download or otherwise access fraudulent trading platforms to “invest” often promising unrealistic or guaranteed returns. Sometimes these sites will be branded with the Royce logo or other trademarks, but often look a bit “off,” such as with misspellings, broken links, incorrect information and/or missing privacy or regulatory caveats. Some sites are so elaborate that it looks like your “investment” is making incredible gains, but there will be no way to withdraw any funds you have given to the scammers.

If you suspect you have been contacted by a scammer impersonating Royce, please report them by contacting us through our website. If possible, please take screenshots of the scam site or communication you received.

Key indicators involving fraudulent impersonations of Royce portfolio managers and employees:

1. Receiving requests via social media or messenger application rather than a Royce email address.
2. There is no link to the Royce website or any reference to Royce as an institution, instead focusing on a specific portfolio manager or employee.
3. The website lacks any Royce trademarks and/or the usage of Royce trademarks is inconsistent with that which appears on www.royceinvest.com
4. The website won't accept transfers from your bank, instead requiring a cryptocurrency wallet or other virtual wallet.
5. Investment returns are based on how much you invest.
6. Raving testimonials.
7. Broken links and poor grammar and/or spelling.
8. The website requires you to download an application.

Bad actors will try to persuade you to download applications to your devices, especially applications that circumvent official app stores (e.g., Apple App Store, Google Play). This is known as “sideloading.” Sideloaded apps can be dangerous because they may contain malicious code and carry unknown security postures. Sideloading can introduce various mobile app security risks:

• Untrusted sources: Sideloading involves downloading apps from untrusted or unverified websites, which makes it easier for attackers and malicious software to spread.
• App store screening: Official app stores have a strict review process to ensure they are addressing security and privacy concerns. By sideloading apps, you bypass the checks and make it easier for malicious apps or apps with poor code to get onto your device.
• Malware and backdoor attacks: Sideloading apps from unofficial sources exposes your device to malicious software such as malware and trojans. Users may install malicious apps that are disguised as legitimate ones. This puts their device and data in danger.
• Unauthorized app modifications: Sideloading can require changing your device’s settings to allow installation from unknown sources. This can weaken the security of your device.
• No automatic updates: Apps purchased from official stores are regularly updated with security patches. You are responsible for updating apps that you sideload. Outdated apps may have known vulnerabilities that attackers can exploit.
• Increased attack surface: Sideloading increases your device’s attack surface. More apps mean more entry points for hackers to exploit vulnerabilities.
• Privacy risks: Sideloading applications may request excessive or unnecessary permissions. This could compromise your privacy and expose sensitive data to unscrupulous app developers.
• Incompatibility: Sideloading may not be optimized to your device or OS, resulting in compatibility issues, crashes, and performance problems.

What can you do?

To minimize your risks, you must be hypervigilant when sideloading applications. Remember to only sideload apps from trusted sources and keep your device operating system and sideloaded apps up to date. Consider using mobile security software and regularly reviewing and managing app permissions to protect your mobile device.

As mentioned above, please contact us to the extent you have received any unsolicited requests that meet the criteria laid out above.