The FCC filing only describes having the active radio (the 'beacon') it doesn't describe if the system has an intelligent RFID tag or just a fixed ID. The 'passive UF/HF RFID' described in the FCC filing only corresponds to the idea that the tag is not locally powered - it does not dictate if it can do challenge/response. This type of scenario DisneyCane described is independent of if the card has local power or active radios. Your smartchip enabled credit card is an example of a non-powered, but intelligent 'tag' similar to a RFID tag.
What DisneyCane is describing is the classic challenge/response system to prevent sending the secret out over the wire. The system adds protection against replay attacks by varying what the challenge sent is (the random portion) and making it time sensitive. This is how you prevent cloning a card itself.
In addition, you can have data encryption of what is on the card itself. The problem with videos you see about copying credit cards, etc is because they didn't just detect and read the card.. but because they had the actual reader and in turn the algorhythms used to decrypt the data stored on the card.
Disney's model could use any of these, a combination of these, or none(!) - there really is no way to tell from the FCC filing. All we know is Disney has said there is no personal data stored on the band itself.. so it's likely a simple 'ID' tag.. or a tag with anti-cloning challenge/response ability. My bet is on the latter.