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I am thinking about getting back into modding, I never modded on Ps3 (I did on xbox but got console banned 2 times). I'd like to Jailbreak my Ps3 / use custom firmware on it. I am using OFW 4.75 so is there any way to do this?

And what are the risks of being banned and what steps can I take on not to get banned?

Thanks!

This site has many helpful threads regarding your question, I encourage you to take that advice and look please.

Are you using a PHAT, Slim, or Super Slim PS3? The risks of being banned depend on how new the games are and what steps you take to not get banned I would mod any game below BO2. BO2 can be modded because of the Anti-ban EBOOT. I would also use a secondary account instead of a primary because there is always a risk of being banned, and if it does, there is no way of getting it back. You can always unban yourself by buying a new Private CID (like KV's) but they are more expensive then KVs. Private CID's from well-known people are about $20, but the sale of them is not permitted on NGU. If you have any other questions, let me know if I can be of assistance. I hope I helped

Buy an E3 flasher. It's just a question of time when you get banned but you could easily buy a new Console ID and you should be good to go.

You need to purchase an E3 Flasher and downgrade your console back to 3.55 if it can be downgraded. Once you're downgraded you can install any Custom Firmware of your choice at that point. Then spoof and install what you want.