SVN caching, How it works ?
On Windows, the Subversion client stores passwords in the %APPDATA%/Subversion/auth/ directory. On Windows 2000 and later, the standard Windows cryptography services are used to encrypt the password on disk. Because the encryption key is managed by Windows and is tied to the user's own login credentials, only the user can decrypt the cached password.
Above text are from svnbook.read
What is "Windows cryptography services" ?