A security system and method for protecting an item of merchandise includes a programming station including a logic control circuit having a controller, a communication circuit operably coupled to the controller, and a memory operably coupled to the controller for initially providing a security disarm code (SDC) to a programmable key including a logic control circuit having a controller, a communication circuit operably coupled to the controller and a memory operably coupled to the controller. The programmable key subsequently provides the SDC to a security device configured for attachment to the merchandise and including a logic control circuit having a controller, a communication circuit operably coupled to the controller, and a memory operably coupled to the controller. Thereafter, the security device is disarmed by using the programmable key to verify the SDC in the memory of the key with the SDC in the memory of the security device. A wireless interface is provided for the communication circuit of the programming station, programmable key and security device. An internal timer in the programmable key invalidates the SDC after a preset period of time period to prevent use of the key for disarming a security device after the time period has expired.