Facebook is offering a $500 reward for people who can find and report bugs on their Web site.

"To show our appreciation for our security researchers, we offer a monetary bounty for certain qualifying security bugs," the social networking company said wrote on a page entitled "Security Bug Bounty."

To receive the cash payout, a person must be the first to report the security glitch. Facebook also asks that they be given a “reasonable” period to time to respond to any security breach report.

However, according to PC Mag, other high-profile tech companies offer far higher rewards for bug-finders, including Google ($3000+), Mozilla ($3,000) and Microsoft ($250,000).

Facebook indicated that the $500 figure is only a base figure and could be increased for specific bugs.