In this paper, we implement a fully phase-encrypted memory system using cascaded extended fractional Fourier transform (FRT). We encrypt and decrypt a two-dimensional image obtained from an amplitude image. The full phase image to be encrypted is fractional Fourier transformed three times and random phase masks are placed in the two intermediate planes. Performing the FRT three times increases the key size, at an added complexity of one more lens. The encrypted image is holographically recorded in a photorefractive crystal and is then decrypted by generating through phase conjugation, the conjugate of the encrypted image. A lithium niobate crystal has been used as a phase contrast filter to reconstruct the decrypted phase image, alleviating the need of alignment in the Fourier plane making the system rugged.