There is obviously a big difference between biblical and modern meaning of the same word.. What I can think of , is that כזב is more like a pre meditated lie , more like a made up story . Anyway when we use it (for that emphasis) we use the two synonym combined . Example : "זה שקר וכזב" meaning it's totally false .
Other small hint of the word's origin is maybr its root כ.ז.ב. .
אכזבה = Dissappointment
לאכזב = to dissappint.
Other standalone terms :
נחל אכזב is a water creek which has become dry empty of water and is no longer an active stream.
אהבה נכזבת is Lost love , the bad experience of a love story that tragiclly failed or one within someone was turned down.
And, As far as I know, the noun כזב is not used in a verb form. Unlike שקר .