The banks 'funds repatriation initiative' is a step in the right direction. With banks being able to work together and share information and more importantly act quickly this can only help see fraudsters efforts thwarted. Whilst we must all be alert to scams and take care with transfers, we are not immune to being scammed.
At present, when a victim of fraud contacts their bank for help getting their money back the bank can only see the first account the money was moved into.... ...But under the new system the victim's bank will be able to enter the payment details into a central computer that will show almost instantaneously every account the money has moved through since it was stolen — and crucially, where it ended up. Once they know what bank has the money they can call and ask for it to be frozen so fraudsters can't touch it again.