Systems and methods for authenticating a transaction within close proximity to a designated object

A system comprising:

• one or more processors;
• memory in communication with the one or more processors and storing instructions that are configured to cause the system to:
• receive transaction data associated with an attempted transaction;
• determine, based on the transaction data, a location of the attempted transaction;
• receive designated object location data associated with a designated object, wherein the designated object location data represents a location of the designated object;
• and
• responsive to determining, based on the location of the attempted transaction and the location of the designated object, that the location of the attempted transaction is within a specified range of the designated object, authorize the attempted transaction.

A system comprising:

• one or more processors;
• memory in communication with the one or more processors and storing instructions that are configured to cause the system to:
• receive user credentials to authenticate a user;
• receive a user input, wherein the user input provides an instruction to restrict use of a transaction card to a specified area and based on a location of a designated object;
• receive transaction data associated with an attempted transaction;
• determine, based on the transaction data, a location of the attempted transaction;
• receive designated object location data associated with the designated object, wherein the designated object location data represents a location of the designated object;
• and
• responsive to determining, based on the location of the attempted transaction and the location of the designated object, that the designated object and the attempted transaction are both within the specified area, authorize the attempted transaction.