Replying to My friend is a chronic Liar , Need advice!

Hey guys, my friend and I have been pretty close for years now but the more time we hang out, its becoming more and more evident that he really is lying for a lot of things ( stuff like he was going to play college basketball in the States when we were just entering high school, we I've in Canada so that would be a huge deal) total lie as well as a bunch of other things. I'm really not sure on how to handle the situation. Should I talk to him about it? Should I just stop talking to him? I'm thinking that it may actually be some sort of disorder of personality or he may just be insecure. Thank you for any feedback! This has been on my mind for a while.