You could have an arythmia. I have periodically had asymptomatic a-fib (atrial fibrilation), I don't have any problems breathing and have never had to be cardioverted when it occurred, only the weird readings on my HR monitor tipped me off.
I am on medication now, and this has not affected my training or performance. When you get the high readings, what is your pulse like? If it is fluttery, irregular you could have an arrythmia and not a problem with the monitor.
Although not life threatening, this can be serious and should be checked out. Once you start getting irregular beats, even temporary, you become more prone to more frequent and longer bouts. Therefore, it is best to get it addressed early. Since it happens sporadically, I had to wear a monitor for a couple of weeks to catch an episode so the doctor could understand it. I did have two longer episodes (first time was almost 12 hours) and they put me in the hospital because they did not know what was going on (I think they thought I had been taking cocaine or other drugs).
This is becoming more common, especially with endurance athletes. I first developed problems following training for an IM (doing 12 - 15 hour weeks). I gave up the high volume training (usually stick to less than 10 hours) and coupled with the medication seem to be generally fine. I still get an occasional skipped beat or flutter, but maybe once a month for a few seconds, usually just when at rest.
If you can stand the triathletes, go over to Slowtwitch.com, there have been numerous discussions about this, symptoms, etc.