For cases where the questions are used by automation, it's okay. Not so much when humans come into play, that can be social engineered: A friend called his bank for something. They verified his idenitiy, him answering to 'what was your first pet's name' with: The answer is random letters, numers and symbols. He was verified to be the owner, not having actually told the support person a single matching character.

For those cases, generators for random answers that read legit would be better. I started putting in random word sentences like 'DoYouHaveAPetCalledPeter', stored in pwdstore metadata to the accounts.