Alarming increase in identity theft cases calls for the use of secure authentication systems that can clearly distinguish between authorized users and unauthorized users who are in possession of valid security tokens or passwords. To this end, we propose a multi-factor authentication system using user-specific pseudo-random numbers and fingerprints to generate revocable and privacy preserving biometric templates, which in turn are used for authentication. We evaluated the performance of the proposed system on the publicly available Fingerprint Verification Competition (FVC) 2000 database using Receiver Operating Characteristic (ROC) curves. Experimental results show that Equal Error Rates (EER) less than 0.4% can be achieved.