While I agree with you, some people answer these questions with deliberately incorrect answers. If my closest friend tried to compromise my bank account with my security questions, he’d get them all wrong (and even he doesn’t know my wrong answers).
Or literally anyone who knows you. It’s based on the idea that strangers are the ones who will try to screw you over but everyone knows that it’s people who you know that end up screwing you over in most cases. So security questions are basically useless in all those cases.
Easy to guess with some social engineering
While I agree with you, some people answer these questions with deliberately incorrect answers. If my closest friend tried to compromise my bank account with my security questions, he’d get them all wrong (and even he doesn’t know my wrong answers).
Still a bad design, though.
Or literally anyone who knows you. It’s based on the idea that strangers are the ones who will try to screw you over but everyone knows that it’s people who you know that end up screwing you over in most cases. So security questions are basically useless in all those cases.