In a recent research by Google and Stanford  researchers discovers that many people forgetting the password recovery questions

and attackers can easily guess the answers to those questions.

They concluded it will be more effective to use two-factor authentication (i.e SMS+Password) rather than recovery questions.

The research:

https://static.googleusercontent.com/media/research.google.com/en//pubs/archive/43783.pdf

The article in Hebrew:

http://www.calcalist.co.il/internet/articles/0,7340,L-3660079,00.html

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