wsse:FailedAuthentication

I am sending a username token with username and password(non digested) as simple text to a service registered as a virtual service in servicenet and i have enabled usernameToken authentication based on a role for which my user is a part of. But when i send the request has given below,

 <SOAP-ENV:Envelope xmlns:SOAP-ENV="http://schemas.xmlsoap.org/soap/envelope/" xmlns:SOAP-ENC="http://schemas.xmlsoap.org/soap/encoding/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:wsse="http://docs.oasis-open.org/wss/2004/01/oasis-200401-wss-wssecurity-secext-1.0.xsd" xmlns:wsu="http://docs.oasis-open.org/wss/2004/01/oasis-200401-wss-wssecurity-utility-1.0.xsd">
<SOAP-ENV:Header>
        <wsse:Security SOAP-ENV:mustUnderstand="1">
            <wsse:UsernameToken>
                <wsse:Username>Service1</wsse:Username>
                <wsse:Password>Service1</wsse:Password>
            </wsse:UsernameToken>
        </wsse:Security>
    </SOAP-ENV:Header>
    <SOAP-ENV:Body>
        <m:getVersion xmlns:m="http://axis.apache.org" SOAP-ENV:encodingStyle="http://schemas.xmlsoap.org/soap/encoding/"/>
    </SOAP-ENV:Body>
</SOAP-ENV:Envelope>

I am getting a SOAP fault as response,

 <soap:Envelope xmlns:soap="http://schemas.xmlsoap.org/soap/envelope/">
    <soap:Header/>
    <soap:Body>
        <soap:Fault>
            <faultcode>[URL="http://docs.oasis-open.org/wss/2004/01/oasis-200401-wss-wssecurity-secext-1.0.xsd"]http://docs.oasis-open.org/wss/2004/01/oasis-200401-wss-wssecurity-secext-1.0.xsd[/URL][wsse]:FailedAuthentication</faultcode>
            <faultstring>failed security checks</faultstring>
        </soap:Fault>
    </soap:Body>
</soap:Envelope>

Can you please help me out.

What user repository is ServiceNet configured to use for authentication? Does your “Service1” user exist in that repository?

You’ll need to contact WM Support to see if there is a way to increase the logging verbosity for the WS-Security functionality in SN.

User Service1 is assigned all the Servicenet related roles and i had created another user which had all the roles assigned to it.

"What user repository is ServiceNet configured to use for authentication "
i didnt get this point , do you mean whether am i connecting to external LDAP based application or to the database. I am basically creating the users using user managment portlet in the My WebMethods.