In a word, yes.
In research to be presented at the IEEE Symposium on Security and Privacy this week, researchers from Microsoft and Carnegie Mellon University plan to show that the secret questions used to secure the password-reset functions of a variety of websites are woefully insecure. In a study involving 130 people, the researchers found that 28 percent of the people who knew and were trusted by the study’s participants could guess the correct answers to the participant’s secret questions. Even people not trusted by the participant still had a 17 percent chance of guessing the correct answer to a secret question.
“Secret questions alone are not as secure as we would like our backup authentication to be,” says Stuart Schechter, a researcher with software giant Microsoft and one of the authors of the paper. "Nor are they reliable enough that their use alone is sufficient to ensure users can recover their accounts when they forget their passwords.”
The least-secure questions are simple ones whose answers can be guessed with no existing knowledge of the subject, the researchers say. For example, the answers to the questions “What is your favorite town?” and “What is your favorite sports team?” were relatively easy for participants to guess. All told, 30 percent and 57 percent of the correct answers, respectively, appeared in the top-five list of guesses.