HT1918: iTunes Store: Changing your payment informationLearn about iTunes Store: Changing your payment information
Currently Being ModeratedNov 16, 2012 7:30 PM (in response to Nicfredrickson)
Frequently asked questions about Apple ID - http://support.apple.com/kb/HE37 --> Can I change the answers to the security questions for my Apple ID? --> Yes. You can change the answers to the security questions provided when you originally signed up for your Apple ID. Go to My Apple ID (http://appleid.apple.com/) and click Manage your account.
More involved forgotten question issues - https://discussions.apple.com/thread/3961813
Kappy 09/2012 post about security questions - https://discussions.apple.com/message/19569468
If none of the above work, contact iTunes Support at http://www.apple.com/support/itunes/contact/ and follow the instructions to report the issue to the iTunes Store.