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Facebook has decided to follow the steps of other giants like Google, Mozilla, and Microsoft therefore any devs who will report bugs to company officials will be rewarded a bounty. The world’s largest social networking service has launched a new segment on its website called Whitehat which will bring $500 to any developers who find and report security flaws.

Although developers would better focus on Google Chrome and Mozilla Firefox as the rewards are higher, Facebook is a huge opportunity for them because the website is full of bugs and Mark Zuckerberg is aware of it. This is why Facebook cannot offer more than $500 per bug found as it wouldn’t want to take the company to the brink of bankruptcy.

The company is also praising the previous developers who found bugs and you can find details about all forty-two of them at the Facebook Whitehat website.

It’s well known that Google is offering lots of money at events like Pwn2Own for those who hack the Chrome browser while the Mozilla Foundation gives away up to $3000 along with a Firefox shirt for the devs who find critical security holes.

The same thing might happen with Facebook as the company says that the payment will rise along with the importance of the bug. Still, you will need to find the bugs before others as if two devs find the same bug, the first one to officially report it will be the one who will get the rewards so you’d better not shareyour findings with anyone.

Facebook is getting really serious about the security of the website as it recently hired the popular George Hotz who goes by the name GeoHot in the hackers’ world. GeoHot is the one who hacked the PS3 and pissed off Sony so hard that the company sued him. The two parties settled out of court, and when everything was over, the hacker was hired by Facebook even though GeoHot invited Sony to get him a job inside the company.

The social network has some rules for the devs who report bugs: they won’t have to share the details of the bug publicly and to be the first to disclose the bug. Please note that Facebook will not pay $500 to any devs who report bugs with 3rd party web pages who feature Facebook integration, and DDoS / spam-related bugs.

Well, nothing to see here folks, just move along to Microsoft as the Redmond-based giant offers more than $250,000 to any person who will offer information about the hackers who “developed” and released the Rustock botnet, just like it did with the MSBlast and the Sobig.F viruses. Sounds more interesting, right?