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Re:Security Flaw in OS X displays all keychain passwords in ... by throwaway2016a on Friday July 08, 2016 @08:22AM (#12054944)
I can confirm that at least on mine the passwords are definitely plain text (also includes some private keys) but the Apple script doesn't work for me so there doesn't seem to be a way to suppress the Allow/Deny box.

I am a little surprised it doesn't ask foe the keychain password.

Re:Security Flaw in OS X displays all keychain passwords in ... by pdxandi on Friday July 08, 2016 @08:32AM (#12054997)
I believe you've surfaced the real issue – there's no confirmation prompt that requires the keychain password.