Tony,

Of course it is possible, but just because it is possible doesn't mean it 
is useful. It is very easy for two factor authentication systems that are 
improperly implemented to make the overall system less secure. The 
definition Mario used is important, otherwise the added security is just an 
illusion. Security questions about favourite pets and old schools are 
mainly useful for locking people out of their own accounts.

One of the easiest methods of gaining access to an account you are not 
supposed to have access to is to compromise one form of communication, like 
redirecting a cell phone signal or creating an email account that used an 
old service that doesn't exist anymore, and then answering security 
questions incorrectly enough times to trigger the recovery mechanism and 
have the recovery password sent using the communication channel you control.

It is very easy to do something that is supposed to make a system more 
secure that actually makes it more vulnerable by increasing the size of the 
exposed attack surface.

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