As scores of people flood Apple’s stores at Perimeter Mall and Lenox Square for the newest iPhones (see photos here), the race is on to see who will be the first to hack the new fingerprint security feature on the new 5S.

A venture capital firm, researchers and hackers were each pledging hundreds and thousands of dollars along with bottles of booze and other goodies to the first person who hacks the device in a contest promoted on istouchidhackedyet.com/. Reuters reports.

IO Capital’s founding partner Arturas Rosenbacher told Reuters the goal of the competition is “to fix a problem before it becomes a problem.” The Chicago firm has put up $10,000 for the competition.

The home button on the 5S is also a fingerprint scanner. Whether hackers can obtain a copy of a users’ fingerprint from some other source and try to use it to gain access to your phone is a matter of debate, according to PCWorld. The “Touch ID" capacitive sensor is 170 microns thin and scans sub-epidermal skin layers with 360-degree reliability, Apple said.

It isn’t unusual for companies to pay others to try to hack their products to find vulnerabilities. According to an ABC News, Facebook, Google and others have programs that pay users who “pinpoint security loopholes.”

Apple apparently already is responding to a compromise in its new  iOS 7 operating system, which millions of users began downloading Wednesday. The vulnerability, reported by Forbes, allowed a user to bypass a locked screen to access photos, email, Twitter and other applications. Apple told Reuters a fix is in the works.

There is a caveat with the istouchidhackedyet competition. The winner will have to collect from each individual and group that has contributed to the bounty.