When it comes to protecting your vehicle, many drivers make decisions based on price, convenience, or insufficient information. Yet, choosing the wrong coverage—or none at all—can lead to unexpected expenses and serious headaches down the line. One in 24 accidents is attributed to mechanical failures, making it essential for motorists to protect themselves from unforeseen vehicle faults. But how do you ensure that you’re making the right choices?
Nickita Bevan from Motor Plan Direct highlights five common mistakes drivers make when purchasing car cover add-ons like warranties, service plans, and tyre protection. Let’s dive into these pitfalls and learn how you can avoid them.
1. Accepting the First Offer They Find
Shopping for coverage is similar to shopping for a car—you wouldn’t settle for the first one you see, so why do it with insurance? Many drivers make the mistake of accepting the first offer that comes their way without comparing prices and benefits. Failing to research the market can lead to overpaying for inadequate coverage.
How to Avoid It:
Always compare quotes from multiple providers. Assess what each option offers and choose one that aligns with your driving habits, vehicle type, and financial situation. Consider the long-term value rather than just the monthly premium.
2. Not Knowing What Coverage They Need
Many consumers are unclear on the differences between service plans, motor warranties, and other add-ons. For instance, a service plan covers routine maintenance like oil changes and spark plug replacements, while a motor warranty protects against unexpected mechanical breakdowns. Knowing the difference between these types of coverage is key to making the right purchase.
How to Avoid It:
Educate yourself on the types of products available. Ask your provider to explain the terms in simple language and ensure you fully understand what each product offers. Knowing exactly what you’re paying for can prevent you from being underinsured or overinsured.
3. Selecting Minimal Coverage to Keep Costs Low
It’s tempting to choose the cheapest option to save on monthly premiums, but opting for minimal coverage can come back to haunt you. Inadequate cover could leave you footing the bill for costly repairs or, even worse, be liable in case of an accident.
How to Avoid It:
Instead of focusing solely on price, consider the value of coverage in the event of an emergency. Think long-term. While it might cost more upfront, comprehensive protection can save you thousands in repair costs and provide peace of mind.
4. Not Reading Policies Properly
Policy documents can be overwhelming, full of legal jargon that most people would prefer to avoid. However, skimming through these documents can lead to missed details, leaving drivers unaware of what they’re truly covered for—or not covered for—in the event of a claim.
How to Avoid It:
Take the time to thoroughly read your policy. If anything is unclear, ask for clarification from your insurance provider. Make sure you understand the terms, exclusions, and disclaimers before signing on the dotted line.
5. Avoiding Extras
A low premium might seem like a good deal, but it often means forgoing essential extra coverage. For example, tyre and rim protection might seem like an unnecessary cost—until you’re faced with a burst tyre that results in a costly repair or a potential accident.
How to Avoid It:
Don’t shy away from add-ons that offer vital protection. Tyre and rim coverage, motor warranties, and service plans can save you from large, unexpected expenses. The small, additional cost now could prevent significant financial losses in the future.
Motorists who understand what they are buying can make informed decisions that lead to better coverage and fewer financial surprises. The key is to prioritize what’s best for you and your vehicle, not just what looks good on paper or costs the least upfront. Whether it’s understanding the differences between a service plan and a warranty, reading the fine print of your policy, or opting for crucial add-ons, taking the right approach will ensure that you stay protected on the road.
Navigating the professional landscape requires a blend of qualifications, practical experience, and personal insight. Ntombifuthi Nkabinde, a Psychometrist in Independent Practice, exemplifies this journey through her dedicated work in the field of psychometry. With three degrees in psychology and a passion for matching individuals to ideal jobs, Ntombifuthi offers a unique perspective on her career and industry, shedding light on the lesser-known yet crucial role of psychometry in human resource management and personal development.
Qualifications and Career Path
Educational Background
Ntombifuthi Nkabinde holds three degrees: a BA Honours (Psych) degree in Practical Psychometry, a BA Honours Psychology, and a BA Health Sciences and Social Services (Psychological Counselling).
Academic Background
BA Honours (Psych) in Practical Psychometry – A specialized qualification that focuses on the practical application of psychological theories and techniques in measuring mental functions and behaviors.
BA Honours in Psychology – A more general qualification that provides a comprehensive understanding of psychological principles, human behavior, and mental health.
BA Health Sciences and Social Services (Psychological Counselling) – A degree that merges health sciences with psychological counselling, emphasizing the role of mental health within the broader context of human services.
These qualifications have equipped Ntombifuthi with a robust understanding of both theoretical and applied psychology, making her well-suited for her role as a psychometrist.
Choosing the Career Path
Interestingly, Ntombifuthi did not originally set out to become a psychometrist. “Initially, the goal was to be a Counselling Psychologist,” she explains. However, a chance encounter at a career fair led her to discover the field of psychometry, a discipline she had not previously considered. “Using my qualifications in the psychology field to learn intricate details about individuals and matching them to ideal jobs is always rewarding to me,” she reflects.
This unexpected shift in focus allowed Ntombifuthi to apply her skills in a practical and impactful way, helping organizations find the right candidates for specific roles through detailed psychological assessments.
Reflecting on Career Choices
When asked if she would pursue the same career if given the chance to start over, Ntombifuthi candidly admits she would not. “No, I wouldn’t pursue psychology,” she states, citing the significant challenges facing psychology graduates in South Africa. One of the primary issues is the limited availability of Masters programs. “Each university takes on about 12 Honours students, which leaves the rest of the graduates with no other option but to go into an industry they’re not passionate about,” she explains.
Furthermore, Ntombifuthi highlights the limited specialization options available within Masters programs in South Africa, noting the absence of fields such as Child Psychology. This lack of flexibility, combined with the difficulty of practicing psychology outside the country, has made her reconsider her initial career aspirations. “If I were to relocate to the USA, for example, I would have to start from undergraduate and work my way up all over again if I wanted to practice psychology,” she adds.
Career Advice
To her younger self and aspiring professionals, Ntombifuthi advises, “Do what makes you happy and follow your passions.” She emphasizes the importance of building a professional profile, networking, and continuously updating one’s CV.
Essential Skills
For those entering the field, Ntombifuthi highlights the importance of hard skills such as data analysis, research, and report writing. Soft skills like empathy, listening, and integrity are equally crucial.
Essential Skills
Guidance for Aspiring Professionals
For those aspiring to enter the field of psychometry, Ntombifuthi offers practical advice on how to get started. “Update your CV and build a profile on professional platforms such as LinkedIn,” she advises. Regularly posting field-related content can help establish your expertise and connect you with others in the industry. Ntombifuthi also recommends attending industry networking seminars, such as those organized by the Society for Industrial and Organizational Psychology of South Africa (SIOPSA), to stay informed and make valuable connections.
Graduate roadmap
Job Responsibilities and Industry Insights
Day-to-Day Activities
Ntombifuthi’s role as a psychometrist is both dynamic and multifaceted. Her day-to-day responsibilities involve conducting assessments that are either for recruitment or development purposes. “On a day-to-day basis, I receive requests from HR to conduct assessments either for recruitment or development basis,” she explains. This process begins with reviewing the job specification to determine the most suitable assessments for the position.
Next, Ntombifuthi contacts the candidate to arrange the assessment, ensuring that all logistics are in place, including the preparation of the assessment venue and tools. Once the assessment is completed, she scores the raw reports and compiles detailed feedback for the hiring manager and HR. “Upon request, I would give individual assessment feedback to the candidate,” she adds, highlighting the importance of clear communication throughout the process.
Industry Surprises
One of the challenges Ntombifuthi faces in her field is the general lack of awareness about psychometry. “Through conversations, I have learned that most people don’t even know about this field of study,” she notes. This often leads to confusion and requires her to explain in detail what her job entails, especially when meeting new people.
Initial Job Surprises
Starting her current job introduced Ntombifuthi to the world of Medico-Legal assessments, an area she found unexpectedly complex. “It’s a whole different world with its own complexities,” she remarks, illustrating how diverse the field of psychometry can be. This experience broadened her understanding of the various applications of psychological assessments, extending beyond recruitment and development to legal contexts.
The Future of Psychometry
With the rapid advancement of artificial intelligence, many industries are facing significant changes. However, Ntombifuthi believes that psychometry will continue to thrive, even in an AI-driven future. “We currently use AI to generate raw reports, but you still need a professional to interpret, integrate, and make sense of the raw results,” she asserts. The sensitive nature of these results often requires a human touch, particularly when delivering potentially life-altering information to clients. “A robot cannot assess such human emotions effectively,” Ntombifuthi emphasizes, underscoring the enduring importance of empathy and understanding in her work.
Challenges and Rewards
Job Challenges
One of the most challenging aspects of Ntombifuthi’s job is the emotional toll of seeing suitable candidates not offered the job. “If it were up to me, everyone I assess would get the job; however, the final decision always rests with the hiring manager,” she laments. This can be particularly difficult when she believes strongly in a candidate’s potential, only to see them overlooked for reasons beyond her control.
Job Rewards
Despite the challenges, Ntombifuthi finds great satisfaction in her work, particularly when she sees candidates she has assessed succeed in their roles. “Seeing a candidate I assessed and recommended doing well in their job, thus proving my psychometric findings to be accurate, is the most rewarding thing about my job,” she says. This validation of her expertise not only affirms her abilities but also reinforces the positive impact her work can have on individuals’ careers.
Career Setbacks and Advantages
Reflecting on her career, Ntombifuthi acknowledges a significant setback that ultimately became an advantage. Not being selected for a Masters program initially felt like a major disappointment, but it led her to discover her passion for psychometric assessments. “I have since fallen in love with the world of Psychometric Assessments instead and receive great personal rewards from my work,” she reveals, demonstrating how setbacks can sometimes open doors to unexpected opportunities.
Goals for the Year
Looking ahead, Ntombifuthi has set her sights on an ambitious goal: to register her own company and start consulting. This move would allow her to expand her influence in the field and take on new challenges as an independent practitioner.
Personal and Financial Reflections
Childhood Dreams vs. Reality
Like many children, Ntombifuthi’s early aspirations were far removed from her eventual career. “My 10-year-old self would be shocked,” she admits, recalling her childhood dream of becoming a musician like Brenda Fassie or Yvonne Chaka Chaka. At that age, she had never heard of psychology or psychometry, making her current profession an unexpected outcome.
Life Without Financial Constraints
When asked what she would do if money were no object, Ntombifuthi’s answer reflects her love for exploration and creativity. “I would travel the world and write novels in between,” she says, envisioning a life of adventure and storytelling. This response underscores her multifaceted personality, combining her analytical skills with a deep appreciation for the arts.
Financial Lessons
Ntombifuthi believes strongly in the importance of financial education, particularly for young people. She distills her advice into four simple yet powerful lessons: “Save! Save! Save! And invest.” This emphasis on saving and investing highlights the significance of financial discipline, a habit that can provide security and opportunities throughout life.
South Africa’s retirees are increasingly under threat as cybercriminals leverage artificial intelligence (AI) to craft more sophisticated scams. With the advent of AI tools such as FraudGPT, it has become easier for criminals to deceive individuals, particularly retirees, by making fraudulent schemes appear more authentic and harder to detect.
The Rise of AI-Enabled Scams
In his recent research paper, actuary and damages expert Gregory Whittaker highlights that FraudGPT, which was launched in 2023, has become a preferred tool for cybercriminals. It allows scammers to create highly convincing phishing emails, build hacking tools, and exploit IT system weaknesses. Unlike the poorly written and easily identifiable phishing attempts of the past, AI now makes these scams far more credible.
Whittaker describes this development as “the beginning of a new era of cybercriminals at scale,” where AI is used to generate realistic communications that mirror legitimate financial service providers.
Targeting Retirees
Retirees, who often gain access to substantial capital after leaving the workforce, have become prime targets for cybercriminals. The 2023 FBI Internet Crime Report revealed that individuals over the age of 60 suffered losses exceeding $3.4 billion (R58.5 billion) due to cybercrime last year. While there is no specific research on South Africa, it is safe to assume that local retirees face similar risks.
Several factors make retirees more vulnerable:
Increased digital activity: Many retirees now use smartphones and computers to manage finances.
Complex financial products: The growing complexity of retirement products can be overwhelming, making retirees more susceptible to scams.
Social media usage: Retirees may turn to social media to fill the void left by no longer interacting with colleagues, providing scammers with more personal information to exploit.
Common AI-Powered Scams Targeting Retirees
Criminals use AI in various ways to deceive retirees. Here are the most common forms of cybercrime:
1. Phishing and Spearfishing Traditional phishing scams cast a wide net, sending fraudulent emails or text messages hoping to trick someone into revealing their personal details. However, with AI, criminals now practice spearfishing, a more targeted version. Using tools like FraudGPT, they can analyze large datasets and personalize emails to retirees, making the scams more believable. This increases the chances of retirees unwittingly sharing sensitive information, such as passwords or bank details.
2. Deepfakes AI-generated deepfake technology is another tool in a scammer’s arsenal. These scams often involve fake videos or images of celebrities or trusted public figures, promoting bogus investments or financial services. Retirees hoping to boost their savings fall for these schemes, only to lose their money when they try to withdraw funds from their “investments.”
3. Grandparent Scam (Voice Cloning) AI can also be used to clone a younger relative’s voice. In these scams, a retiree receives a call from someone who sounds like their grandchild, claiming to be in an emergency, such as a car accident or legal trouble, and needing money immediately. The caller usually asks for the incident to be kept secret, pressuring the retiree to act quickly. Retirees are advised to hang up and contact another family member to verify the situation.
Protecting Your Retirement Savings: What to Watch Out For
While AI scams are becoming more sophisticated, there are still ways retirees can protect themselves:
Mistrust first, verify later: Never share sensitive information over the phone, via email, or on social media. Call the company you believe you are dealing with to confirm the legitimacy of the request.
Check with your financial adviser: Consult your financial adviser before making any significant financial decisions.
Use official channels: If you are unsure about a financial service provider, check their credentials with the Financial Sector Conduct Authority.
For retirees, knowledge is the best defense. Being aware of these evolving cyber threats and maintaining a healthy level of suspicion when dealing with unsolicited communication can significantly reduce the risk of falling victim to AI-enabled scams.
As Digital Banking Dominates, Standard Bank Transforms its Branches and ATM Network
In response to the fast-paced evolution of the banking landscape, Standard Bank is embracing a digital-first approach to improve customer experience and remain competitive. Like many of South Africa’s traditional banks, Standard Bank has been compelled to adapt to the rise of fintech companies and digital-only banks. These disruptors, coupled with shifting consumer preferences, have accelerated the bank’s focus on digital channels, while it simultaneously restructures its physical footprint.
Kabelo Makeke, head of Personal & Private Banking at Standard Bank South Africa, noted that branch transactions have significantly declined as more customers opt for the convenience, speed, and security of online banking. In the first half of 2024 alone, branch transactions fell by 13%, amounting to around 2.5 million transactions. On the flip side, digital banking has surged, with online transactions rising by 30% to a staggering 1.5 billion transactions, and clients completing an average of 10,400 digital transactions monthly.
Adapting Branches to Meet New Demand
The bank’s response to this dramatic shift includes reducing the physical size of its branches. Over the past five years, Standard Bank has downsized its branch space by 4% annually, trimming down to 239,000 square meters—an area equivalent to eight Ellis Park Rugby Stadiums—without negatively affecting job numbers. Despite this downsizing, the bank has managed to increase the number of its points of representation, which now total 654 across South Africa.
According to Makeke, the bank’s goal is to offer a seamless experience whether customers prefer in-person services or digital channels. “Our customers’ preferences are changing rapidly, and we are committed to meeting their needs in the most efficient and effective ways possible,” he said. This balance between physical and digital presence enables the bank to cater to clients across all touchpoints.
The Evolution of ATMs
Standard Bank is not only shrinking branch spaces but also adjusting its ATM network in response to crime, under-utilization, and digital migration. Over the past five years, the number of ATMs operated by the bank has dropped from 9,321 to 6,232. However, the bank is investing in a new generation of ATMs with advanced technology that improves transaction speeds and adds new features. These include real-time acceptance, validation, and recycling of bulk cash, allowing the bank to manage more clients with fewer machines.
“We are adapting our ATM network to reflect our clients’ changing needs,” Makeke explained. “The new ATMs are strategically placed to enhance customer convenience and security.” Additionally, the bank has been relocating low-performing ATMs to areas where demand is higher, ensuring the network remains accessible to those who need cash services.
Meeting Customer Needs in a New Era
As banks globally navigate the shift from physical to digital banking, Standard Bank’s transformation is an indicator of how traditional financial institutions are adapting to remain relevant. By slashing branch and ATM spaces while investing in digital infrastructure, the bank is positioning itself to cater to the evolving preferences of its clients.
“Whether customers choose to bank digitally or visit a branch, we are committed to providing them with the best possible experience,” said Makeke. With more people opting for digital channels and fewer using traditional cash services, Standard Bank’s ongoing adjustments ensure they are ready for the future of banking.
Staff Writer 
tshepisosishuba 
