We study a predator-prey model with the Allee effect on prey and whose dynamics is described by a system of stochastic differential equations assuming that environmental randomness is represented by noise terms affecting each population. More specifically, we consider a term that expresses the variability of the growth rate of both species due to external, unpredictable events. We assume that the intensities of these perturbations are proportional to the population size of each species. With this approach, we prove that the solutions of the system have sample pathwise uniqueness and bounded moments. Moreover, using an Euler-Maruyama-type numerical method we obtain approximated solutions of the system with different intensities for the random noise and parameters of the model. In the presence of a weak Allee effect, we show that long-term survival of both populations can occur. On the other hand, when a strong Allee effect is considered, we show that the random perturbations may induce the non-trivial attracting-type invariant objects to disappear, leading to the extinction of both species. Furthermore, we also find the Maximum Likelihood estimators for the parameters involved in the model. (C) 2012 Elsevier Ltd. All rights reserved.