The phrase "masquerades as" means to pretend or disguise oneself as something or someone else. There are various synonyms that can be used to express this concept. For instance, we can use the word "impersonates" to indicate that someone is pretending to be another person or entity. Another suitable synonym is "feigns", which means to simulate or fake something. "Pretends" is another apt synonym, conveying the idea that someone is putting on an act or assuming a false identity. Lastly, we can also use the phrase "poses as" to describe someone who is pretending to be something they are not.