Systems and methods for proximity identity verification

A computing device operated by a user, the device comprising:

• one or more memory devices storing instructions;
• and
• one or more processors configured to execute the instructions to:
• receive a user request to perform a transaction using the computing device;
• determine that an indicator of relative risk associated with the transaction exceeds a first predetermined threshold, the relative risk being based at least in part on a current physical location of the user;
• identify a known associate of the user based at least in part on the indicator of relative risk;
• determine a proximity between the current physical location of the user and a current physical location of the identified known associate based on a wireless communication between the user's computing device and a device associated with the identified known associate;
• and
• approve the transaction when the determined proximity is within a second predetermined threshold;
• wherein identifying the known associate of the user comprises identifying the known associate from among a plurality of associates listed in a social network of the user, based on a geographical relationship between the current physical location of the identified known associate and the current physical location of the user, to increase confidence in verification of user identity.

A computer-implemented method for authorizing a transaction, the method comprising:

• receiving a request to authorize a transaction initiated by a user;
• determining that an indicator of relative risk associated with the transaction exceeds a first predetermined threshold, the relative risk being based at least in part on a current physical location of the user;
• identifying a known associate of the user based at least in part on the indicator of relative risk;
• determining a proximity between the current physical location of the user and a current physical location of the identified known associate based on a wireless communication between a device associated with the user and a device associated with the identified known associate;
• and
• approving the authorization request when the determined proximity is within a second predetermined threshold;
• wherein identifying the known associate of the user comprises identifying the known associate from among a plurality of associates listed in a social network of the user, based on a geographical relationship between the current physical location of the identified known associate and the current physical location of the user, to increase confidence in verification of user identity.