The very nice people at Almax have told me that the Squire SS65CS padlock I have ordered has been replaced by a new version with three different coloured keys, green, orange and red.
Apparently, you use the green only, if you loose the green key or it is stolen, you then use the orange key, the first use of the orange key makes the green key completely useless, so it cannot be used to open the lock. Again if you loose the orange key or it is stolen you use the red key which then makes the orange key completely useless. So in the event of a criminal stealing the key, it will become useless and keep the lock secure.
Apparently, you use the green only, if you loose the green key or it is stolen, you then use the orange key, the first use of the orange key makes the green key completely useless, so it cannot be used to open the lock. Again if you loose the orange key or it is stolen you use the red key which then makes the orange key completely useless. So in the event of a criminal stealing the key, it will become useless and keep the lock secure.