So would it be okay if your bank forced you to install a kernel driver so it can intercept and log every network connection? Would it be okay for mobile banking apps to request every permission available and refuse to let you do anything unless you grant them? All this for "fraud prevention purposes"? Because that's what banks are like in my country.
There is no guarantee they will limit themselves to fraud prevention anyway. Any information collected is highly likely to also end up in the hands of marketing, governments and god knows who else. Without this guarantee, any and all "fraud prevention attempts" should absolutely be considered malicious.