Match Password is ignored?

I'm creating a match with the matchPassword field set but the created match is not marked private and does not require a password to connect to. Here is the code I used to create the match

NetworkManager netMan = NetworkManager.singleton;
netMan.matchMaker.CreateMatch (matchName, (uint) netMan.maxConnections, true, "password", "", "", 0, 0, netMan.OnMatchCreate);

The match gets created and other users can find the match but players are able to connect to the match without entering the password.