The alert is to remind you not to forget the iPhone if you placed it down. If you are receiving the alert while the iPhone is in range of the watch, please follow the instructions below:
Make sure the Lookout app on the device is running the latest version by opening the App store on the device and select the updates tab. Update if there is one for Lookout then follow the steps below:
- Open the Lookout Application on your device
- Select the gear icon in the upper right corner to access the settings
- Scroll until you see the 'Apple Watch' settings
- Adjust the sensitivity bar
This should reduce the alerts.
Below is an image of the sensitivity bar: