2 Garmin and Polar heart rate straps inaccurate

I’ve used Garmin watches for the past decade, sometimes 
with Garmin or Polar heart rate straps. However, I often get very inaccurate 
readings from the straps. For example, early in a run, the strap might 
show my heart rate at 180 bpm or higher, but when I check my pulse 
manually, it’s actually between 100 and 110 bpm. At other times, my real
 heart rate is 130 bpm, but the watch shows only 48 bpm. These errors 
can last for several minutes.
Today, my heart rate reading dropped from over 130 bpm 
to 73 bpm and stayed low for more than four minutes, even though my 
manual check confirmed my heart rate was still above 130 bpm. The strap 
was snug, my skin was moist, and the connection seemed good each time.
These ongoing inaccuracies must be affecting important metrics like VO2 max and exercise intensity.

Does anyone know what could be causing this, or how I can get more consistent and accurate heart rate readings?