After extensive googling I haven\'t managed to find an answer to this question1, which is surprising, since `security through obscurity\' isn\'t really security at al
According to this official Apple webpage :
Keychain items are encrypted using two different AES-256-GCM keys: a table key (metadata), and a per-row key (secret-key).
UPDATE: Update from May 2019. Encryption changed from 128 to 256.