Mine used to need a key until I pulled the lock out.
If anyone needs a new key, go to a dealership that has a master set of keys(there are 15 different ones, that's right yours will probably not fit your buddies truck) Get them to let down your tire and figure out which key they used. Then call McGaurd with that #. That is the company that makes these locks for Ford. You can order a new key through them for $20.
OR....do what I did
Get the dealership to let the tire down. Remove the winch. Remove the lock. Reinstall the winch. Reinstall the tire and never worry about it again.
FYI...The lock just prys out of the end of the winch easy as can be...I have a pic of it removed if anyone wants to see it.