Assurance

Assurance in the integrity of your financial information relating to Suppliers, Customers & Employees

 

Protection

Reduce your risk and protect against fraud with continuous monitoring of Supplier, Customer & Employee transactions

Growth

Improve business practices and grow your business through data integrity and business critical reporting

Trust your data, Trust your employees, Trust your profits.
Product Overview

Product Overview

Protect your business against employee fraud with the Watchful Eye Software continuous detection and monitoring solution. Seamless integration with MYOB AccountRight and Xero. Validation of key card information against 3rd party databases – ASIC®, NZ Companies Office ® and Google Maps ®. Out of the box analysis of a wide range of Supplier, Customer and Employee attributes and relationships. Actionable results highlighting suspicious data and transactions which you can investigate (or we can provide this service for you). Analysis of…

Product features

Integration

Watchful Eye Fraud Detection Software for MYOB + Xero seamlessly integrates to your accounting system, it keeps watching your accounting system activity and provides actionable lists of suspicious activity for your review

Data Integrity

Validate all “Company” Suppliers and Customers against ASIC & the NZ Companies Office. Validate Supplier, Customer & Employee physical addresses against google maps

Maps

Analyse the spread of your current Suppliers, Customers & Employees and highlight transaction volumes

Suppliers & Customers

Analyse transactions highlighting high risk or suspicious transactions to investigate

Employees

Keep your employee personal details current. Analyse transactions highlighting high risk or suspicious transactions to investigate. View relationships between your Employees and your Suppliers & Customers

General Ledger

Ensure your company’s total GL transactions align to Benford’s Law distribution

Meet our team

Brett Wilgar BCom, CA

Chief Executive Officer

Brett Wilgar is the founder and the creator of the Watchful Eye fraud detection and monitoring software. He has 20 years of commercial management experience in the IT industry.
Brett holds a Marketing and Accounting degree from the University of Otago and is a Chartered Accountant member of the Chartered Accountants Australia & New Zealand.
“Our story started in late 2013.  I was the CFO of an Australasian IT company when an employee stole AUD$450,000 from the company.
At that time I was not aware of the extent of Employee Fraud and how big an issue it was for businesses, but it sparked a keen interest in the subject area.
After two years of research we started building a product designed to help business owners reduce their risk of employee fraud.”

 

Kuai Wei PhD

Chief Technology Officer

Kuai Wei has led the development team building the Watchful Eye fraud detection and monitoring software since the company’s inception. He has a PhD in Computer Science specialising in algorithm design from the University of Auckland. He also has over 10 years of programming experience, including 4+ years of algorithm design and implementation.
Kuai is a keen ‘technology evangelist’, looking at the cutting-edge technologies and build prototypes.
He also has deep understanding of software architecture, security, database design and optimisation.
At Watchful Eye our software has been built and hosted in the Microsoft Azure cloud platform, applying best practice architecture and security, unit tests, integration tests, DevOps, etc. We have also developed complicated algorithms to analyse all aspects of accounting data together with multiple 3rd party data connections to report suspicious records. Our investment on algorithms will never stop.

SkyCity fraudster jailed for seven years, eight months

There has been a lot of coverage of this case and it is good to see that Judge Philip Connell not only highlighted that Grant’s repetitive offending had breached the organisations’ and employees’ trust, but also that she, and others who commit employee fraud, will be jailed for this crime.  The best outcome is for you to be able to prevent this crime from occurring, and ACFE report that having a monitoring tool is proven to reduce your losses by 54%…

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White collar crime ‘rampant’ as nearly 900 fraud complaints go uninvestigated

This highlights the prevalence of employee fraud in New Zealand, and the inability of companies to protect themselves or provide the necessary details for this fraud to be investigated by the police.  The article states there is little deterring criminals from committing fraud and “(it is) a bit of an internal joke in police that if you’re going to commit an offence, fraud is the offence to commit (as) the chance of being detected is incredibly low…..” Watchful Eye software…

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Former Public Trustee contractor jailed for stealing more than half a million dollars

Often fraud happens over a long period of time, with the perpetrator becoming bolder as time goes on and the fraud remains undetected.  Watchful Eye software monitors every transaction and reports on changes and anomalies which can prevent this from happening.  By instigating an anti fraud policy in your company and implementing anti fraud software, you reduce your risk to employee fraud and will not be a workplace fraudsters will look to be employed.   http://www.abc.net.au/news/2016-11-04/former-contractor-jailed-stealing-more-than-half-million-dollars/7996698 November 4, 2016 A…

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Hamilton office administrator admits $203,000 theft from employer to fund gambling addiction

Gambling is cited by many as their reason for defrauding their employers and something to be aware of as an employer with your staff.  More and more we are seeing this reason used in court, but it is hard to gain an accurate picture as many exaggerate the extent of their gambling issues to garner sympathy.  This is something Judges seem aware of, acknowledging gambling addictions as explaining but not excusing the offending – as is the case here with this…

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Joanne Harrison’s $725,000 ‘web of deception’ revealed in new documents

There has been a lot of coverage of this case.  If one theme should be raised to my readers, it is that threatening behaviour of fraudsters is quite common – being ‘grumpy’, ‘unapproachable’, etc is a common front to avoid being questioned. Care should be taken when trust is placed in staff with these attributes. Also validating suppliers so ‘imaginary’ ones do not get set up in your accounting system (let alone having invoices paid to them) is very important.…

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Former IRD staffer jailed for theft of $265k

As part of our overall anti-fraud philosophy we suggest that you be professionally sceptical and respect your instincts.  This does not guarantee protection, especially when some people take enjoyment in breaching your internal controls, and when their behaviour is irrational and out of character.  Without reporting on your financial transactions and data it is hard to protect yourself. http://www.stuff.co.nz/national/crime/89355773/former-ird-staffer-jailed-for-theft-of-265k February 13, 2017 BEVAN READ/FAIRFAX NZ KELLY DENNETT Last updated17:00, February 13 2017 Michael Marsom appeared for sentencing in the Auckland District…

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A philosophy for reducing employee fraud for SMEs

Our first published article, thanks Inside Small Business Australia! https://insidesmallbusiness.com.au/planning-management/a-philosophy-for-reducing-employee-fraud-for-smes DECEMBER 20, 2016 Planning and diligence are crucial to reducing the risk of employee fraud. Employee fraud happens every day, search your favourite news site for fraud and a string of recent stories will be returned. Companies lose five per cent of annual revenues every year. SME companies were disproportionately represented in the 2016 report at 30 per cent of the cases and a median fraud loss of $150,000 with…

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Fraud leaves victims feeling angry and betrayed

A really good article on the impact of fraud in the Taranaki region. Not for Profits (NFP) appear to be exposed to Employee Fraud more than they should, which seems worse given that these organisations are set up to do good in the community. The impact on NFP is different to a commercial organisation.  The trust lost when the funds you receive are from public donations, but then diverted to fraudsters, impacts the ability of the Not for Profit to…

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Phone

NZ: +64 9 886 2850

AU: +61 2 8259 0395

Copyright

Watchful Eye Software Limited 2017