In a statement, the trade organization said life assistance group CPP had used "misleading information and spurious statistics" in a survey that said 26 per cent of adults had been affected by card fraud in 2008.
The survey also claimed that the average loss from card fraud is Â£650 ($924). However, Apacs said that with 12 million supposed victims of the crime, card fraud losses would top Â£7.8 billion - 14.6 times higher than the Â£535 million in losses recorded during 2007.
Apacs added that according to its figures, which are provided directly from its member banks, there were around one million cases of card fraud in the UK during 2007.
CPP's survey had named London as the UK's top card fraud hotspot, with 38 per cent of respondents in its poll saying they had been affected by the problem. Cardiff was next with 34 per cent, followed by Manchester (29 per cent) and Brighton (27 per cent).