Fuzzy systems can aid in diminishing uncertainty and noise from biometric security applications by providing an intelligent layer to existing physical systems to make them reliable. In the absence of such fuzzy systems, a little random perturbation in captured human biometrics could disrupt the whole security system, which may even decline the authentication requests of legitimate entities during protocol execution. In the literature, few fuzzy logic-based biometric authentication schemes have been presented; however, they lack significant security features including perfect forward secrecy, untraceability, and resistance to known attacks. This study, therefore, proposes a novel two-factor biometric authentication protocol enabling efficient and secure combination of physically unclonable functions, a physical object analogous to human fingerprint, with user biometrics by employing fuzzy extractor-based procedures in the loop. This combination enables the participants in the protocol to achieve Perfect Forward Secrecy (PFS). The security of the proposed scheme is tested using the well-known real-or-random model. The performance analysis signifies the fact that the proposed scheme not only offers PFS, untraceability, and anonymity to the participants, but is also resilient to known attacks using light-weight symmetric operations, which makes it an imperative advancement in the category of intelligent and reliable security solutions.