I have configured an SNMP Trap monitor, but it never fires an alert. Nor does IPMonitor log the SNMP traps that hit the box.
However, I have watched with a sniffer, and the traps arrive at the server.
I have logging enabled for all three SNMP options:
Record Received SNMP Traps Not Expected by Any Configured Monitors
Record Received SNMP Traps Expected by Configured Monitors
Record the Contents of Any Received SNMP Trap in snmptrap.log