This excerpt is taken from Sheikh Hafiz Mubashir Hussain Lahori's book Signs of the Day of Judgment in the Light of Authentic Hadith.
Sign of the Day of Judgment: False testimony will be given
عن عبد الله بن مسعود رضى الله عنه عن النبى صلى الله عليه وسلم قال : إن بين يدي الساعة ... شهادة الزور وكتمان شهادة الحق
Hazrat Abdullah bin Masood (RA) narrates that the Prophet Muhammad (PBUH) said: "Before the Day of Judgment, false testimony will be given and true testimony will be concealed."
Reference: Ahmad (509/1) Hakim (493/4) Majma' al-Zawa'id (635/7) Al-Adab al-Mufrad (1053) Al-Silsilah al-Sahihah (246/2)
Benefits:
(1) Giving false testimony is a sign of the Day of Judgment.
(2) In the present era, this sign has been fully realized.
(3) False testimony is a major sin. The Prophet (PBUH) said:
”ألا أنبئكم بأكبر الكبائر ثلاثا؟“ قالوا: بلى يا رسول الله، قال: ”الإشراك بالله وعقوق الوالدين وقول الزور“
"Shall I not inform you of the greatest of major sins?" He said it three times. The people said: Certainly, O Messenger of Allah. He said: Associating partners with Allah, disobedience to parents, and false testimony (are major sins)."
Reference: Bukhari: Book of Testimonies: Chapter on False Testimony (3654) Muslim (87)
(4) Our entire judicial system depends on false testimonies. Hired witnesses are abundantly and easily available, through whom all kinds of illegitimate cases are turned into legitimate verdicts, and undoubtedly this is a sign of the Day of Judgment.
(5) We should make every possible effort to avoid becoming a fulfillment of this prophecy.