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Using security wizard in ION Setup 3.0, the front panel password (meter password, standard security password) is limited to four digits while front panel password can actually be up to eight digits. This means, using the wizard, the new front panel password can not be set to a number with more than four digits.
The work around is to use Advanced Mode to change / setup security on the meter instead of using the wizard.
This problem will be corrected in the next release of ION Setup.