Embodiments of the present invention relate to systems and methods for authenticating the identity of an authorized custodian of a physical item and activating a tracking device concealed in the physical item in the event the item is removed from a controlled area or accessed by an unauthorized individual. In particular, according to some embodiments, the identity of an authorized custodian of a physical item stored in a controlled area is authenticated by: recording an image of an iris of the authorized custodian in a database; capturing an image of an iris of an individual attempting to remove the physical item from the controlled area; and verifying, prior to allowing removal of the physical item, that the captured image of the iris of the individual attempting to the physical item matches the recorded image of the iris of the authorized custodian.