What is Maximum Validation Failures:
User lockout for failures can be found in the VIP manager Policies tab.
Maximum Validation Failures sets the number of times that a user is allowed to enter an invalid security code before the credential automatically locks.
There is no time limit for the fail counter to reset and will only reset on a successful authentication. So the lockout counter can increment over a period of multiple days.
If the credential locks, the user must contact your help desk and request that an administrator unlock the credential.