My Polar FT7 has gone wonky!

I have had it for roughly 6 months, use it maybe twice a week.
The last two days it keeps saying that it can't read my heart rate and to check the device. Does this mean that the battery in the little black device needs replaced, that the strap is screwed up, or that it's just broken? I know the issue isn't likely the watch because it is working fine so i am thinking its the little black piece you attach to the strap.

Help?

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