A system and method for issuing an alarm when the separation distance between a monitoring module associated with an object (animate or inanimate) and an alert module exceeds a preset threshold distance thereby forming a leadless electronic tether between the object and the object owner. A monitoring module comprises a portable transmitter provides a signal to an alert module comprising a receiver and a processor. The alert module is adapted to determine a separation distance between the monitoring module and the alert module based on an attribute of the signal. When the separation distance exceeds a predetermined threshold, the alert module issues an alert.