Analysts use many different phrases to describe genetically engineered foods. The biotech industry rarely uses the phrase "genetically engineered foods." In Europe, genetically engineered foods are more commonly referred to as "genetically modified foods", "genetically altered foods" or "GMOs" (short for "genetically modified organisms"). But scientists generally agree that "genetically engineered" more accurately represents the process than "genetically modified." It is interesting to note that the eleventh edition of the Merriam-Webster Collegiate Dictionary added the word "Frankenfood" as another term to describe genetically engineered food.

Source: The campaign

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To modify: to change.
To alter: to modify, to change.