In this paper, a novel phase encryption scheme based on a dual-loop electro-optic self-feedback structure is proposed for time-delay signature (TDS) concealment. As for a conventional single-loop feedback structure, the TDS is extremely vulnerable to exposure in the common link, resulting in a fatal weakness in the entire security system, whereas, the introduction of an additional feedback branch, brings about the mutual dynamics between the phase feedbacks, and effectively solves the problem. The modulation depth and dispersion values, which are two crucial variables affecting TDS concealment, are investigated in detail. In principle, the scheme is verified to have better robustness, more security, and can supply large key space. Error-free transmission of high-speed signals is possible. Thanks to the aforementioned benefits, the dual-loop electro-optic structure proposed could inspire fresh ideas for secure optical communication systems in the future.