memcache and security

I'm looking into caching technologies.
memcache looks straight forward, but seems to lack any security, which
seems to indicate it should not be used with shared hosting where
another user could read or alter the objects.

Is there any way to at least do hostname based authentication with
memcache? I suppose that would be too easy to fake.

Any other object caching systems with better security?

Or am I completely mis-understanding memcache and this isn't an issue?

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