Web Service of Dynamic GP: An unsecured or incorrectly secured fault was received from the other party

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C#

SOAP

webservice

Dynamic GP 2013 Setup successfully done at server (Windows Server 2008 R2). Database auto created on SQL Server 2008 R2. Services are created and these are running.

Taking a console application on Visual Studio 2012 and added the Web Service of Dynamic GP. http://IP:48620/Dynamics/GPService/mex

Use a sample code to test which are given bellow:

using System;
using System.Collections.Generic;
using System.Linq;
using System.Text;
using System.Threading.Tasks;
using  WebServiceConsoleApp.DynamicGPAtTen;
using System.ServiceModel;

namespace WebServiceConsoleApp
{
    class Program
    {
        static void Main(string[] args)
        {
            CompanyKey companyKey;
            Context context;
            Vendor vendor;
            VendorKey vendorKey;
            Policy vendorPolicy;

            // Create an instance of the service
            DynamicsGPClient wsDynamicsGP = new DynamicsGPClient();

            // Create a context object with which to call the web service
            context = new Context();

            // Specify which company to use (sample company)
            companyKey = new CompanyKey();
            companyKey.Id = (-1);

            // Set up the context
            context.OrganizationKey = companyKey;

            // Create a new vendor key
            vendorKey = new VendorKey();
            vendorKey.Id = "TstVndr0001";

            // Populate the vendor object
            vendor = new Vendor();
            vendor.Key = vendorKey;
            vendor.Name = "TestVendor0001";

            // Get the create policy for the vendor
            vendorPolicy = wsDynamicsGP.GetPolicyByOperation("CreateVendor",  context);

            // Create the vendor
            wsDynamicsGP.CreateVendor(vendor, context, vendorPolicy);

            // Close the service
            if (wsDynamicsGP.State != CommunicationState.Faulted)
            {
                wsDynamicsGP.Close();
            }
        }
    }
}

After running application it gives following error message:

An unsecured or incorrectly secured fault was received from the other party

Any idea to solve?

Detail info on Image

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