Security questions are often based on personal information that is limited in variety, available in the public record and very difficult to change if compromised. A personalized folktale shared only by the communicating parties provides memorizable basis for individualized security questions that can be readily replaced in the event of a security breach. We utilize the Propp theory of narrative to provide a basis of abstraction for story generation systems. We develop a proof-of-concept system based on placeholder replacement to demonstrate the generation of repudiate and memorizable questions and answers suitable for online security questions. A 3-component protocol is presented that demonstrates the use of this process to derive a shared secret key through privacy amplification. This combination of story generation and communication security provides the basis for improvements in current security question practice.