Could someone please clarify something for me about Frame-relay?

I had always understood that traffic over frame-relay was unsecure and
needed to be encrypted if it was of a critical nature.  Is frame-relay
always a shared network?  I had thought so but I have recently had a
someone explain to me that they did not need to encrypt the data because
they "owned" the cloud that the pvc ran through.  He said that it was a
point to point connection and therefore not over a shared network. All
of our connections are setup using sub-interfaces and point to point. I
still thought that it was over a shared network.  This did not make a
lot of sense to me.

Any help would be appreciated.  Any links to good documentation would be
helpful as well.

Thanks,
John

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