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The traditional methods used for the identification of individuals such as personal identification numbers (PINs), identification tags, etc., are vulnerable as they are easily compromised by the hackers. In this paper, we aim to focus on the existing multibiometric systems that use hand based modalities for the identification of individuals. We cover the existing multibiometric systems in the context of various feature extraction schemes, along with an analysis of their performance using one of the performance measures used for biometric systems. Later, we cover the literature on template protection including various cancelable biometrics and biometric cryptosystems and provide a brief comment about the methods used for multibiometric template protection. Finally, we discuss various open issues and challenges faced by researchers and propose some future directions that can enhance the security of multibiometric templates.