Yes - however you may have to pay $7
http://www.grantedsw.com/p-vision/
Allows you to run scripts when devices are attached to the system.
The script would be pretty simple:
[php]
tell application "Finder"
set backUpRepository to folder "backUp" of home
set targetVol to disk "KEYFOBMINI"
duplicate targetVol to backUpRepository
end tell[/php]
Maybe you could do it for free - by using Folder Action Scripts on the /Volumes folder - but that sounds like it could go wrong.