The use of a biometric authentication system (BAS) for reliable automatic human recognition has increased exponentially over traditional authentication systems in recent years. Multimodal BAS was introduced to solve unimodal BAS’s difficulties and improve security. Privacy and security are two significant concerns to be addressed in BAS, as biometric traits are irrevocable. Researchers employed cancelable biometrics in the past few years to propose several privacy-preserving BAS. We propose a privacy-preserving bimodal cancelable BAS (PPBCBAS) to overcome these problems. The traits used in our method are iris and fingerprint. Features are extracted from both the traits, and feature level fusion is done by concatenating the feature vectors of iris and fingerprint. PPBCBAS uses a quotient filter to generate the cancelable template, and the comparison is made on these transformed templates using the modified Hamming distance. PPBCBAS has been tested on three publicly available databases to analyze its efficiency. PPBCBAS satisfies the diversity, irreversibility, and revocability properties and achieves decent performance.