To Protect Small and Medium Businesses from employee fraud and help them grow.
The Watchful Eye Software fraud detection product was born from falling victim to employee fraud while working as a CFO at a previous employer.
At the time I did not realise the prevalence of employee fraud, but now know it is estimated that 5% of company revenues are lost to fraud globally. In my case, the fraudulent activity was able to be traced once identified, but this was after the loss was incurred and after it had negatively affected the company and staff. The loss of company funds was significant and inspired me to provide a way for other companies to have visibility of suspicious activity. This activity can then be proactively investigated in an effort to reduce the risk of employee fraud and loss of company funds.
According the Association of Certified Fraud Examiners (ACFE), small businesses bear the brunt of fraud losses disproportionately, with 28% higher median fraud losses for organisations with less than 100 employees. We have decided to focus our product to support these businesses and provide the tools to ensure integrity in the financial data to better enable profits and growth.
We want to help businesses trust their data, trust their employees and trust their profits.
Employee Fraud and the Affect on Small Business