A hand held security label deactivation device includes a handle body and a magnet array. The handle body preferably includes a first body half and a second body half. A cover lip is formed on one end of the handle and a cable loop is formed on the other end thereof. At least one of the body halves preferably includes a cavity for retaining a security label. The magnet array includes at least nine magnets retained on a ferrous plate with an alternating pole pattern. An inner perimeter of a magnet cover is sized to receive the magnet array and an outer perimeter of the cover lip. One end of a coiled security cable is preferably attached to the cable loop and the other end is attached to a checkout counter or the like.