Multi-factor authenticated key exchange (MFAKE) protocols combine different authentication factors to realize strong secure identity authentication and access control, and have great application potential in mobile ubiquitous services with high-level security requirements. Until now, literatures about MFAKE protocols are rare and far from satisfactory. Moreover, existing multi-factor authenticated key exchange protocols are proven secure only in the random oracle model. The study proposes a MFAKE protocol using two-party password authenticated key exchange protocols, fuzzy extractors and signature schemes as building blocks. The security of this MFAKE protocol is conducted in the standard model. The server does not need to know the biometric template of the user, thus the biometric privacy of the user is preserved. Compared with existing MFAKE protocols, our protocol achieves stronger security with lower computation and communication costs. Consequently, the proposed protocol is more suitable for mobile ubiquitous services with high-level security requirements.