Apple adding new fraud prevention features to Apple Pay, Apple Wallet

A part of this really stands out to me. The new privacy policy associated with this states that Apple collects device identifiers, your Apple ID and the current (GPS-)location of your device and shares this: A.) with Apple to “develop new fraud prevention measures” B.) with your “payment network” (read: your bank).

There is no option to opt-out of this, the privacy policy states that if you do not wish for Apple to collect this data and share it with your bank that you “must use another card”. In other words: you need to participate and agree to sharing this data with your bank or you can no longer use Apple Pay.

Am I the only one that thinks this is absolutely insane and goes hard against Apple’s promise for privacy? Why on earth would you give the bank all that information including the device location with no way to opt out? I also wonder if this sudden one-sided change is even legal under the GDPR considering Apple did not solicit any permission but simply gave a push notification stating “enhanced fraud protection” has now been enabled and that for any payment this data is now collected by Apple and subsequently shared with the bank.