It should be date >not date =, which will correspond only to lines exactly equal to the time 5 minutes ago.
, 12:30 , , 5 , , 12:25 . , 12:25 PM, 12:26, 12:27 ..
SELECT * FROM user_actions WHERE IP = '127.0.0.1' AND type = 'Failed Login' AND date > DATE_SUB(NOW(), INTERVAL 5 MINUTE)