The blue rectangle pill with the imprint B707 is Alprazolam 2 mg  Alprazolam is a medication from the benzodiazepine family that functions as a central nervous system depressant . It is commonly used to treat various forms of anxiety and panic disorders, as well as insomnia, by decreasing abnormal excitement in the brain. The B707 blue pill is not fake Xanax, but a different brand of the generic version of Xanax which is alprazolam.