In my country banks have required users to install "security modules" to log into their accounts for decades now. Once upon a time I tried to crack one of these things open. I discovered they were literal device drivers running in kernel mode and I caught them intercepting every single network connection. Told me all I needed to know.
They even have Linux versions:
https://aur.archlinux.org/packages/warsaw
https://aur.archlinux.org/packages/warsaw-bin
Who even knows what this malware does? I sure as hell don't want to find out.
For the bank, things like "fraud prevention" override literally everything. There is no limit they wouldn't cross and there is no freedom they wouldn't trample in the pursuit of their goals.
Just... wow.
People get so mad about kernel-level anti cheat in video games, but when your bank does it, I've never heard of it before. I sure am glad my bank doesn't do this for now.
The video games industry and the copyright monopolists were just the first bosses. Now we're dealing with banks. One day we'll have to deal with governments.
They think everything they do is justified and necessary. They've got a "legitimate" reason to do it so it's alright. Because total nonsense like fraud prevention is totally worth giving up our freedom for.