If properly installed and cared for, both Schaller and Dunlop strap locks will work without problems for years. In the case of the Dunlops, it is important to put a tiny drop of oil on the locking balls maybe once a year. I have yet to fnd any that have worn out, but have seen several ones that were really rusty to the point where they were no longer functioning properly.
On the older Schallers, the nut that holds the part to the strap has a tendency to work loose over time. It's best to put some thread locker on the threads when installing on the strap, snug it up tightly and let the thread locker fully dry before use. Even then you should inspect it regularly to be sure the nut isn't working loose. On the newer Schaller S-type, the problem of the nut working loose has been addressed by the use of a screw-on collar with a locking set screw that keeps the collar from working loose. It may be an improvement, though I have to wonder what keeps the setscrew from working loose? Perhaps some thread locker on the set screw is in order?