Various possible causes:
Interference from overhead cables or other strong signals. This is the reason why HRM's don't work inside cars (at least my HRM doesn't work in my car, when the engine's switched on)
Contamination of chest strap contacts with vaseline, etc.
Strap too loose.
Chest too hairy causing poor connectivity.
The belt must be moistened with some sort of saline solution (spit or sweat!) otherwise you won't get an electrical circuit (ordinary water is not a good conductor)
Are the batteries beginning to run out?
There may be more reasons but these are all the ones I've experienced.
Hope that helps.