An arrangement for use in a utility meter includes a sensor and a processing circuit supported by a base of the meter, and a magnetic element carried by the cover of the meter, in which the cover is removably mounted to the base. The sensor includes at least two magnetizable elements, such as inductors, that are magnetized at opposite polarities when the meter is closed and operable. The magnetizable elements are positioned in very close proximity so that as cover is removed the magnetic element passes the elements to cause the magnetizable elements to assume the same polarity. The processing circuit continuously polls the magnetizable elements to evaluate their respective polarities and is configured to issue a tamper indication when the detected polarities are the same.