Square is the latest technology company to launch a "bug bounty" program, which rewards volunteer hackers for finding security flaws and bringing them to Square's attention.

The program, which launched this week, offers a minimum $250 bounty for reports. According to Square's page on the bug bounty site HackerOne, the company has rewarded nine hackers with payments of up to $1,000 and closed seven bugs so far.

"We recognize the important contributions the security research community can make when it comes to finding bugs," said Neal Harris, Square's application security team lead, in a blog post announcing the bug bounty program.

PayPal and Facebook also offer bug bounties to volunteers.

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