Police around the world have arrested 118 suspects in a global investigation into online fraud that targets the travel industry, a crime said to cost airlines $1 billion a year.

European Union police coordination agency Europol said the arrests were made during two days of coordinated action this week at more than 80 airports in 45 countries.

The investigation targeted criminal online services selling credit card details and fake plane tickets.

Europol Director Rob Wainwright said Friday that the investigation and arrests were the result of close cooperation between law enforcement agencies, the airline industry and credit card companies.

Wainwright said "We are reaching new levels with our cooperation and aim to become an unbeatable alliance with aspirations to make cyberspace as crime free as possible for global citizens."