What it really comes down to is this: Should I be worried about the safety of my game data and is there a way to prevent this? Keep in mind that I tend to remove my memory card after loading a game with Action Replay to keep it as "sanitized" as possible.
i always keep doubles of all my mem cards. i have 2 for psx, and 3 for ps2. one i never use but backup once in a while. and the other is the one i plug in and use all the time.
good habit. i recommend it.